The only thing worse than getting sick or injured is the devastation to your financial health that comes along with it.Medical debt is the most frustrating type of debt to incur because you often did nothing to bring it on. You didn't decide to spend foolishly on something you couldn't afford. You didn't become addicted to gambling or drugs. You simply got sick or injured.Still, medical debt has become the leading cause of bankruptcy in the United States, according to a study by NerdWallet. NerdWallet Health has found that Americans pay three times more in third-party collections of medical debt each year than they pay for bank and credit card debt combined.Also, more than half, or 52 percent, of all debt collection accounts are medical in nature, according to a report by the Consumer Financial Protection Bureau.But what happens when you don't understand your medical bill? Could it be incorrect? Here are four things to look for in medical bills to make sure yours are accurate, according to Medical Billing Advocates of America:1. Typos in the billing codes – Data entry mistakes by clerical staff at your care provider, while lacking ill intent, can result in the wrong billing code for a procedure, leaving you with a bill that is higher than it should be.2. Unbundled billing codes – Medical facilities might charge individually for procedures that are supposed to be bundled together as multiple aspects of the same procedure.3. Too much time – Facilities might charge you for more time than you actually spent in an area, such as a surgical room. You could be charged for two hours in a room when the procedure actually last only 30 minutes. Facilities charge exorbitant amounts of money per minute, so these types of errors can really add up to significant money.4. Price gouging -- You might expect that your hospital is charging you a rate for a procedure that is standard across the medical industry, but that's often not the case. Hospitals often charge very different prices for the same procedures, so it can pay off to compare prices at your hospital to others once you receive your itemized bill. If your hospital's charges are much higher than others that you check, see if your hospital will agree to come down on their price.
Of course, once you have established a medical bill's accuracy, you still could have plenty of trouble paying it, as these statistics have shown. At leading debt relief company Madison Monroe & Associates, we realize that many of you are struggling with medical debt and we want to help you avoid the stain of bankruptcy on your credit record.Despite having health insurance, more than 10 million Americans a year have medical bills they are unable to pay. At Madison Monroe, one of the many ways we help people is by helping them get control of their medical debt.We can negotiate with your health care providers to lower the amount you owe for emergency room and urgent care costs, hospital stay expenses, surgery costs, doctor visit expenses, assisted living and nursing home costs, hospice care fees and emergency transportation fees.
The most common types of debts that can be discharged in bankruptcy are those from credit score cards , health-related care, personal loans and utility payments on Madison Monroe and Associates .,We know that no solution is right for everyone, so we'll assess your individual situation and help http://www.angieslist.com/companylist/us/fl/miami/madison-monroe-and-associates-reviews-8574746.htm you come to a decision which program of action best fits your needs.
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