Medical debt is a problem in the United States. It affects 41% of the adults in America, more so because Medicare covers most of the seniors, while the younger ones are already struggling from this financial burden. If medical debts are not maintained, they can cause lifelong financial problems.
The Consumer Bankruptcy Project reports that filers most often cite medical bills as the reason for filing. Bankruptcy can bring relief, but it lowers your credit score for a decade, and you will have a tough time getting loans to buy homes or cars.
Although common, there are several things you can do to prevent medical debt from piling up and its effects.
Prevention of medical debt is the best solution. There are two ways of preventing medical debt: maintaining a good health system, which limits expensive treatments, and securing an insurance cover for expensive medical procedures.
To achieve better health, engage in some form of daily exercise and ensure a balanced diet. According to various studies, walking at least four hours per week and eating plant-based diets may reduce cardiovascular diseases.
Reducing smoking and alcohol consumption also reduces the likelihood of developing conditions that require extensive medical care.
Regular check-ups with a general physician are another preventive measure. Many employers offer discounted insurance plans that include free preventive visits, such as check-ups, immunizations, and annual consultations.
Manage your stress also as chronic can result in severe medical issues, for example, ulcers. Living a healthy lifestyle and getting enough insurance means taking care of one’s both health and psychology.
Do Your Homework
While prevention does happen, conditions do develop over time and may be diagnosed to necessitate some kind of treatment. After your medical treatment plan has been recommended to you, make sure to go through this step by step:
– Verify with your insurance company to know if it is covered; the treatment, medication, or procedure.
Check out studies for your treatment in terms of the success rates and other alternatives. The best source for medical information is in reputed medical publications. See another doctor for confirmation of diagnosis and getting other alternatives too.
Always ask for a diagnosis and treatment through medical doctors
Pay Attention
One should update self on personal healthcare finances by going through all those medical bills. Keep record of all the statements in order to avoid over charges or errors.
Seek for medical bill debt relief programs that can resettle debts before it gets too unmanageable.
Write down your appointments and indicate the tests, exams, or services that were performed. Many providers have online health records that you may access to confirm the correctness of the records. You may also request a copy of your records and review for accuracy.
Keep a medical bill to use as a tax deduction, to prove a billing dispute, or to support insurance claim. Store paper and digital copies in a safe place.
Remain In Your Network
You should always check if the doctors you visit are part of your network if you have insurance. An out-of-network provider’s visit can mean you will have to pay the whole amount.
Confirm that your service preferred facility is covered under your insurance company. You should always carry an insurance card for acceptance.
If you do not have insurance, there are many community health clinics that offer either free or discounted care for just basic illnesses.
Learn Billing Codes
Even though your provider is more than likely accustomed to your record, it doesn’t hurt to double-check some of the billing codes.
The ICD codes, managed by the WHO, describe your medical conditions. For example, E08 is diabetes due to another condition, and E08.21 is diabetes with diabetic neuropathy.
With this knowledge, you can communicate more effectively with your medical providers and verify coverage through insurance. It will also ensure proper billing.
Negotiate
You can negotiate such prices with your healthcare providers or ask them to contact your insurance company to work out what such affordable treatment will cost.
Many providers are quite willing to hammer out reasonable low-interest or even interest-free payment plans so you do not necessarily have to start taking loans and get into debt from credit card purchases. The providers generally favor negotiating a settlement rather than send your account into collections.
Get Some Help
Even with the best of intentions, you might run into huge medical bills. You can do these things in that case:
Use a debt settlement service to try to get to a reasonable monthly payment.
Change your insurance to one that’s more comprehensive. Tweak the premium and copay to find the optimal amount of monthly outgoings compared to total coverage.
– Determine if you qualify for any government programs or sliding scale payments based on your income.
– Consolidate your debt. You might be able to benefit from combining medical and credit card debt into one loan, if the average interest rate is lower than what you are currently paying.
By taking these steps, you will be able to effectively manage medical bills without bankruptcy or collections agencies.