Medical Bills stressing you out? You need to keep your head up!

 

Medical Bills stressing you out? 

You need to keep your head up!

By Keith Bunn Jr.

May 20, 2012

Just as money fights and money problems are the #1 cause of divorce in this country, medical debt is the #1 cause of bankruptcy.

Knowing that a good portion of this kind of debt can either be reduced or eliminated before it can become a problem; I asked someone who I consider to be an expert in this field, "What is the best way for someone to deal with these issues?" Here is what they had to say...

Not everyone knows this, but most hospitals and health care providers have assistance programs available to people that are either not insured or under-insured?  There is help available; you just have to ask for it.  Most healthcare providers have some sort of sliding scale or assistance type program.  However, you have to be prompt about it, if you stick you head in the sand and hope everything will just go away, it won’t.  Your accounts will go to collections, and at that point you have waited too long and your opportunity for help is gone. 

Health care providers are not the villain that most people associate them to be.  They are there to help you with your medical needs at a time of crisis, or for those day-to-day medical needs we often encounter.  Just like any other service provider, they are expecting to get paid for the services rendered.  However, the difference between a healthcare provider and let’s say an auto repair place.  A healthcare provider cannot refuse treatment if it is an emergency, they will, however bill you.  Will your mechanic do that? Most will not. Most providers offer prompt pay discounts, meaning if you pay your balance owed in a lump sum payment quickly, they will reduce your balance owed by 10-20%, even if you have insurance and the balance is your co-pay, co-insurance and deductible balances left by insurance as patient responsibility.  I know you are probably thinking, well, that is just fine and dandy if you have the money to pay your balance.  Well, healthcare providers have assistance programs for the people that fall into that category too.  Healthcare providers have financial assistance programs to help the people that truly need the help.  Call your providers, ask for help. They will typically screen you over the telephone, and depending on the provider, and your circumstances, they may require you to send in additional information (proof of income, assets and expenses) to verify that you are indeed in need of help.  Most healthcare providers will also assist you in applying for state Medicaid assistance, local county agency assistance, federal or other charitable programs.  By working with your healthcare providers, they may be able to reduce or eliminate your financial responsibility.  Most providers make determination based on your household income, assets and expenses in comparison Federal Poverty Income Guidelines. Does your auto mechanic offer assistance plans that could potentially eliminate the expense all together?  Mine doesn’t.  So if you are willing to keep your head out of the sand, ask for help and provide the information, you could be surprised at what healthcare providers will do to help their patients.

I hope my posts inspire you to look at what you’re doing financially and because of it; you possibly make some changes that will cause you to win financially. I also look forward to reading your views on any articles or postings that I may post. Thanks you!  For more money facts and ideas, follow me on Facebook, or Twitter. http://www.facebook.com/pages/Cavus-Financial-Coaching/120347681380181 , and https://twitter.com/#!/Cavuscoaching .