Residing in a location with exceptional medical facilities has its advantages, but regrettably, it doesn’t always protect us from the intimidating possibility of medical expenses that can alter our lives. Though treatments that save lives can be a boon, the subsequent financial strain can be daunting.
In the last eighteen months, the Media industry has effectively assisted individuals in reclaiming over $500,000. They conscientiously monitor every penny restored to individuals through their intervention, and a substantial portion of these reclaimed funds are attributed to medical expenses. The encouraging news is that you also possess the ability to assert control over your healthcare finances.
Here are five steps you can take to manage your medical bills:
- If you have health insurance, ask for an Explanation of Benefits (EOB) from your provider to understand what they are covering.
- Check with your hospital to see if they offer financial assistance, as nonprofit hospitals are required to provide this service.
- Request a detailed, itemized hospital bill and review it for any errors such as duplicate charges or fees for services you never received.
- Check if your employer offers a Health Savings Account (HSA), Flexible Spending Account (FSA), or a health stipend which can provide financial support for your medical expenses.
- If you’re struggling to make payments, try negotiating with the billing department or setting up a payment plan.
According to the Vice President of a medical debt nonprofit and advocacy group, you can seek help from other hospital staff members, such as patient representatives. You can also consider writing to the hospital’s CEO, which might not be handled personally but could attract more attention to your case.
Finally, it’s crucial to avoid paying medical bills with a credit card due to the interest that can worsen your financial condition. However, you can check if you qualify for a 0%APR credit card introductory offer as an alternative.
