The Secret to Negotiating Lower Medical Bills
If you've ever been shocked by an expensive medical bill and wondered how you would pay for it, you're not alone. According to a KFF study, nearly 41% of Americans reported having some kind of medical debt in 20231. Additionally, a CNBC Make It report found that more than half of those in debt admitted to defaulting on their billing statements2.
While it may be tempting to put your medical bills on credit cards and hope for the best, there's a better way to tackle owing thousands of dollars. Many Americans don't realize that there are several effective strategies to lower their medical care bills, find financial assistance programs, and even negotiate more reasonable payment plans with their healthcare providers.
In this article, we'll cover seven ways to take care of your hospital bills and avoid as much medical debt as possible.
1. Get Started Early
The most important thing to remember when negotiating your medical bills is to start the process early. It's much more challenging to negotiate payment terms when it's close to being due rather than having weeks to work with.
While credit score reporting agencies such as Equifax, Experian, and TransUnion no longer report medical debts on consumer credit reports for one year (or any medical debt less than $500)3, it's still a good idea to negotiate a lower bill before it goes to a debt collector.
Be prepared to contact a billing department representative, your healthcare provider's billing agency, and your health insurance company (if you have one) as soon as you receive a bill or an explanation of benefits (EOB).
2. Check for Errors on Your Medical Bill
When reviewing your bill, check for any errors that might have been made when the hospital entered your costs and services for billing. Billing disputes due to errors on medical bills are more common than you might think.
Some reports estimate that as many as 80% of medical bills contain a billing error, and up to 25% of skilled nursing facilities' claims will be overpaid because of errors made on a patient's medical bill4.
Common medical billing errors include:
- Duplicate charges
- Incorrect billing
- Upcoding
- Unbundled charges
- Incorrect codes
If you didn't receive an itemized bill, ask for one from your healthcare provider. This makes it much easier to understand your medical charges and find any mistakes.
3. Ask About Financial Assistance Programs
Once you've cleared up any errors on your bill, look into any financial assistance programs your healthcare provider or hospital may offer. Many hospitals and health systems are required to offer financial assistance to patients who can't afford their medical bills for "medically necessary" services.
These programs may be known as Charity Care, Bridge Assistance, or Patient Financial Assistance. It's important to ask about these programs, as hospitals may not make you aware of them unless you inquire.
4. Research the Insured Rate for Your Service
If you don't qualify for financial assistance programs, research the "insured" rate for the services you've received. Sometimes healthcare providers will charge uninsured patients more than their insured patients for the same service.
Use tools like FAIR Health Consumer to estimate the cost of a medical procedure in your area5. You can then use this information to negotiate with the hospital billing department.
5. Request or Negotiate Your Payment Plan
If you can't negotiate a lower price, you may be able to set up a more affordable payment plan. Many healthcare providers will allow you to break up your bill into several monthly installments, making it easier to manage over time.
6. Check if the Expense is HRA-, HSA-, or FSA-Eligible
Once you have a clear idea of what you're expected to pay, check if you can use any of your health accounts to cover the expense. This includes health reimbursement arrangements (HRAs), health savings accounts (HSAs), or flexible spending accounts (FSAs).
7. See if Your Employer Offers a Health Stipend
Lastly, check with your employer to see if they offer a health employee stipend. These taxable benefits allow your employer to reimburse you for medical care costs, similar to an HRA.
Conclusion
While receiving a steep medical bill can be stressful, it's important to remember that those charges aren't always set in stone. By following these tips, you'll be better equipped to negotiate a lower medical bill or a unique payment plan that you and your family can afford.
However, negotiating medical bills can be time-consuming and overwhelming, especially when you're dealing with health issues. This is where LowMedBill comes in to help.
How LowMedBill Can Help
LowMedBill is a professional medical bill negotiation service designed to take the burden off your shoulders. Our team of experienced negotiators understands the complexities of medical billing and insurance claims. We use our expertise to advocate on your behalf, potentially saving you thousands of dollars and countless hours of stress.
Here's how LowMedBill can assist you:
- Expert Negotiation: Our technology and professionals know the ins and outs of medical billing and can effectively negotiate with healthcare providers on your behalf.
- Time-Saving: Instead of spending hours on the phone and researching rates, let us handle the negotiation process for you.
- Potential for Significant Savings: We aim to reduce your medical bills as much as possible, often achieving substantial savings for our clients.
- Stress Reduction: Focus on your health and recovery while we take care of the financial aspects of your medical care.
Take Action Now
Don't let high medical bills overwhelm you. If you've received a medical bill that seems too high or you're unsure how to negotiate, we encourage you to take advantage of our services.
Ready to start saving? Upload your bill now!
Visit LowMedBill.com and upload your medical bill today. Our team will review your case and work diligently to reduce your healthcare costs. It's quick, easy, and could save you a significant amount of money.
Remember, you don't have to face overwhelming medical bills alone. Let LowMedBill be your advocate in navigating the complex world of medical billing and negotiation.
