Are you interested in saving money on existing medical expenses? There’s some really practical solutions you might be overlooking.
David Holt (Money magazine) knows that families struggle to pay for medical care so he offered four different ways that you can slash your medical bills.
- Request an itemized bill. Patients have a right to know exactly what they’re paying for and the cost of each service provided. There are frequent overcharges or even charges for services that were not provided. You are responsible for auditing your medical bills to save money. Also, you have the right to request a “hold” on your bill, which delays the due date until you can confirm that everything on the bill is correct. Your health care provider might not agree to a hold, but it is worth a try.
- Look for common medical billing errors and overcharges. Studies have shown that between 40% and 80% of medical bills include errors that cost patients money. The most common mistakes include: 1) Charging for a more expensive treatment than what was actually performed. 2) Charging for the same procedure multiple times. 3) Taking services that should be billed as a package and billing them separately at a higher total cost.
- Ask for discounts and fill out hardship applications.
- Negotiate, negotiate, negotiate. There is an important phrase to use when seeking to negotiate a lower medical bill: “I am willing to pay something but unable to pay the full amount.”