Staying in a hospital is never fun, but the bills that come after your stay are even worse to deal with. You might be shocked at the expenses, even if you have solid healthcare insurance. The good news is there are some ways to make the process easier.
Getting Extra Money
You might be able to get financial assistance from the hospital, so speak with the billing department about that. Another option is to try to cover the cost yourself. For example, you might be able to sell a life insurance policy to get extra cash. If you are thinking of going this route, you can review a guide on how to sell a term life insurance policy. Then you can use the funds toward your bill.
Stay on Top of Things
It’s a good idea to stay organized as you are managing your medical bills as they come in. Keep track of everything you get from the company. It’s often a good idea to make a spreadsheet with this information. You could be dealing with statements from everyone from hospitals to doctors to ambulances. Remember that hospitals often outsource these things, so you could get a bill from the provider, instead of the hospital.
There might be a billing department you can check with if you aren’t sure about a certain charge. But don’t just take their word – go over everything yourself. It’s not uncommon for there to be errors or even overcharges, so if you aren’t sure what you are being billed for, ask them. For example, it’s common for patients to get charged for everyday supplies, such as sheets, gowns, or masks. These should be included in the room’s daily rate.
Challenge Decisions if Necessary
If you feel your health insurance provider has made an error, you can choose to challenge their decision. You should keep track of any bills for procedures or drugs that are rejected by the company. They might reject these with the claim that they don’t cover these things. However, if you think the company needs to pay a bit more, don’t be afraid to appeal the decision. You might be surprised although effective this can be.
Also be informed about procedures and tests in the first place. Especially if you are someone with a chronic illness, like diabetes, for example. Being aware of what are myths or do not pertain to your specific health diagnosis and needs is a good way to not end up having to pay for a medical bill as a result of a procedure that you maybe did not even need.
Try to Negotiate
Once you know the out-of-pocket costs, you can negotiate the amount with the provider. For example, if you need a bit of time to get the funds together, you can often speak with the office staff and create a payment plan. On the other hand, you might be able to get a discount if you can cover the whole balance at once. Doing this can often help you lower the total dollar amount you will owe.
For example, perhaps the insurance has a 25 percent co-pay, so you might agree to pay the insurance company’s negotiated rate. That will be lower than the amount uninsured people will owe. It’s a good idea to check out rates for your hospital and others in the area for similar procedures. You might just find the bill is much higher than it was supposed to be. You can use this information to try to get a more reasonable rate.
