As
medical expenses continue to rise, more consumers are
taking advantage of medical bill negotiation services.
These companies are familiar with the discounts negotiated
by large companies, insurance companies, PPO networks,
and other big players, so are familiar with what the
"lowest available price" might be. If you use one of
these services, you only pay if they are indeed able
to negotiate a discount.
Lower
Those Medical Expenses!
Being
swamped with medical expenses isn't anyone's idea of
the "American Dream", but many are living
through it anyway. One of the biggest problems associated
with this catastrophe has nothing to do with the amount
of times you visit the doctor annually, but the amount
charged by the hospitals you visit.
Finding
the prices at various hospitals can seem impossible
and would take some calling and probing around to get
list prices or ranges of actual rates. In fact, if you
are able to get a "price sheet" from the insurance
company, the prices you will see will be rarely paid
by any of their visitors. That is because large companies,
PPO networks, and Health Maintenance Organizations all
negotiate special discounts for their employees and
members.
By
using medical bill negotiation services (special rates
are sometimes available with some HSA providers), individuals
can keep their medical bills smaller and savings accounts
larger. With this type of service, you can get the same
discounted prices the above entities receive or better,
with no up-front costs. This could end up lowering your
medical exposure by hundreds or even thousands of dollars.
Many
may wonder how they can tell whether or not they are
getting a good deal or not, especially if they are paying
for a high deductible health plan. Even if you have
a PPO or other insurance provider that offers lower
medical expenses, you don't necessarily have the guarantee
of getting the lowest rates. A good bill negotiation
service will have an indepth understanding of the costs,
and lowest available prices in a geographic area.
Getting
a Good Deal on Health Care
There
are many ways to lower your annual medical cost. The
first way is to simply be a good consumer. Just like
with any other purchase, it is important to look around
for the best value, and don't be afraid to bargain.
Individuals don't typically have the negotiating power
to talk down medical expenses with a health care provider,
which is why it important to use a service that can
do this.
Millions
of people are now choosing high deductible health plans
in combination with an HSA as the best way to insure
themselves. These plans are much less expensive than
copay plans, and offer a tax deduction for any money
you put aside to cover future medical expenses. But
they do have high deductibles, so you still want to
pay as little as possible before your insurance coverage
kicks in.
The
Medical
Bill Negotiator
With
a medical bill negotiator you can easily try to lower
your medical bills. Most companies will require that
you have a minimum of $200 in the bill you need reduced.
You can sometimes use the website of the negotiating
company to submit your claim or you can mail or fax
it in. Once the negotiator receives it, they will be
able to compare the prices for the same services at
different health providers in the geographical area.
If there are lower prices, the negotiator will contact
the health provider of the claim and attempt to negotiate
a lower rate. If successful, the individual will split
the savings (usually around 70% for the individual and
the rest for the company). If the negotiation wasn't
successful, the individual doesn't have to pay a penny.
Individuals
are saving anywhere from 5 to 80% by using a medical
bill negotiating services. Bill negotiation services
report savings of 20-37% for imaging and radiology,
15 - 33% for anesthesia, 10 - 80% at surgery centers,
and 5 - 48% on dialysis. Patient advocates are available
with most companies to assist you and discuss the medical
claims you have.
Saving
Money is the Main Goal
In
this time of rising gas prices and a falling stock market,
keeping more money in your Health
Savings Account is an everyday hassle. Anything
that can help individuals save money is something that
should be looked into. This can be even more achievable
by using your Health Savings Account and a medical bill
negotiator.
One
shouldn't have to pay retail prices for prescriptions
drugs or lab tests - it is always wise to do comparison-shopping.
An HSA-qualified health insurance plan can allow individuals
to save money in their Health Savings Account to pay
for medical expenses. Individuals can also save money
on medical expenses by allowing an insurance agent to
shop around for affordable coverage each year. More
can be read about these services on our Additional
Benefits page.
Taking
responsibility of medical expenses is what every American
should do; and by using these services, more money can
be saved each year.
By
Wiley
Long - President, HSA
for America - The nation's leading independent
health insurance firm specializing in HSA-qualified
Plans that work with Health
Savings Accounts.
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