Can you PREVENT future medical debt and collections?
Great question! I like the way you think!
As you know, reducing or eliminating medical debt is our newest service offering. And it works great if you already have medical bills, medical bills in collection, or medical debt on your credit report. We’ve got your back: our average client saves $$$$$.
But, what about new debt?
… Yes! …
I can’t control how the debt occurs or if you take steps to prevent it. YOU, on the other hand, can.
Here are a few tips to prevent medical debt:
- Know your medical insurance coverage. Insurance is there to help you reduce your out-of-pocket costs.
a. Don’t ignore your responsibility to know what you have and use it effectively.
b. If you don’t know, the care provider is unlikely to be the expert.
c. Arrive at your appointment with your insurance card in one hand, and the visit co-pay (spelled out in the policy) in the other.
2. Know before you go (unless it’s a true emergency, of course!). Know what? Is the medical care you seek in your network? If it isn’t – find one that is. Not knowing is not a good defense.
3. Know before you go, number two: know what the procedure costs you out-of-pocket at the hospital vs. a stand-alone facility.
a. Many 2023 medical insurance policies increase the co-pay and co-insurance for hospital-based outpatient services. Be careful! That co-pay or co-insurance is YOUR $$$.
4. And, another know is NO. If the doctor says “Do this test as an outpatient right here at the hospital,” you should shop around. Tests at hospitals are crazy expensive.
a. Especially if you went to the ER and a diagnostic test is strongly suggested for a later date. Return to step 1 and repeat the procedure for best results.
5. When the Explanation of Benefits (EOB) comes from the insurance company: save it. You will want that proof at a future date.
6. When the bill comes, open it immediately. Compare it to the EOB and see if they match.
7. If the bill is right, and it matches the EOB, then make arrangements to pay it in installments or apply for financial aid from the care provider.
a. Waiting is a fool’s game. Our local hospital sends bills to collection in a VERY short time frame. Rip that sucker open and see what’s what. Deal with it and be done. Sigh of relief, right?
a. P.s. They usually don’t offer installment plans or financial aid. You have to ask for it to get it.
You were good til you got to step 6?
Don’t worry, we have help available and we understand. We’ll review it for you or show you how. It’s easy to engage us to help you.
These 8 ounces of prevention are worth 20 pounds of cure.
We adore it when you only have to pay what you truly owe!
©2023 Ronda Cobb, the Money Coach™