Four money-saving hacks for medical bills

Financial burdens are something that can take a toll on one’s life. This is especially the case within the medical field. Medical bills can weigh a person down, even if they have insurance covering their back and keeping their money safe.

From deductibles to unexpected charges and complicated billing codes, many people end up paying way more than they need to. There is good news here, however, and it’s that there are many ways to make medical expenses more manageable. There are also ways to cut costs significantly. It’s all about understanding how to navigate the system to save you thousands as the years go by.

If you can behave proactively here, you will be able to make a significant difference. Medical bills may seem as though they are set in stone, but the reality is that there are opportunities to reduce costs throughout.

From the moment you receive your bill to the pay stage, small strategies can be undertaken. If done properly, they can have a major impact. As long as you educate yourself, you can keep medical expenses under control and avoid unnecessary debts. Here are a few things you should do: 

Requesting an itemized bill

Medical billing errors are extremely common. You think that they are flawless as it is a meticulous business with intelligent individuals. You may be met with incorrect procedures, insurance calculations, and duplicate charges, however. Staying quiet could lead to overpayment unnecessarily.

Request an itemized bill as you will be able to check each charge accurately. If you encounter an error, contact the billing department as soon as possible. Even the smallest mistakes can add up. 

Negotiating medical costs upfront 

The vast majority of hospitals and doctors’ offices are willing to negotiate with you. This is especially the case if you are uninsured or are paying out of pocket.

Before you agree to charges, ask about discounts. You may be met with reduced fees for prompt payments. If you are honest and upfront about your situation, it may lead to significant savings. Discussing costs like this could help you to avoid inflated medical bills soon after. 

Financial assistance programs 

Hospitals and many healthcare providers may provide financial aid programs. A lot of patients don’t even know these kinds of services exist. If you find yourself struggling with medical expenses, it’s good to ask about income-based assistance. Some nonprofit organizations could also help cover certain costs.

Plenty of research into this stuff as it could put you in a much more advantageous spot. For instance, you could look at certain pieces regarding Alex Kleyner, who talks about medical debt and the importance of exploring all available resources. Assistance programs could work wonders for the situation you are in. 

HSAs and FSAs

If your employer offers a health savings account or flexible spending account, you should take full advantage of it. With these accounts, you can set aside pre-tax money specifically for medical expenses. This will reduce your taxable income as a whole. Health savings accounts roll over year-to-year, which makes them a great long-term savings tool. Plan with these strategies and use these funds wisely because you can lower your overall medical costs with them. You won’t have to dip into your savings for unexpected expenses.

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