5 Negotiation Tips for Decreasing Health Care Bills
Maintaining good health is an important personal asset that can present a long-term financial benefits. Health care is a multi-billion-dollar industry, and health insurance is costly, but that doesn’t mean you have to spend years or even decades paying off those debts. Start your negotiation by knowing the issues that are important to you. Consider the value of what’s on the other side of your negotiation, like accessing quality healthcare at affordable premiums. Healthcare bills are generated from hospital procedures, prescription drugs, and medical equipment. With health care costs rising, learning how to negotiate these costs is important. Here are five negotiation tips for decreasing your healthcare bills.
1. Find an Internal Medical Bill Advocate
Medical bills are generally overlooked for negotiation. If you have an advocate, like a healthcare benefits manager, you can find savings on medical expenses. A medical bill advocate can assist you in finding the best provider and supplier to ensure the cost of care is within your budget. Find out the price differences between doctors and hospitals by talking to physicians who already have contract/coverage with providers both in-network and out-of-network. A medical bill advocate also knows if any special deals are going on, like being a preferred provider or being a discounted group health plan member.
2. Negotiate Medicare Rates
Medicare is an insurance policy that covers the medical-related expenses of senior citizens. The Medicare Advantage program can be a great way to negotiate medical bills because it has various plans that allow you more control over your expenses. You can use a provider who is not in your regular insurance plan but will be covered by Medicare. Even prescription drug benefit plans offer lower prices than generic drugs. This is an excellent way to save money on your negotiated health care bills. What happens if you can’t pay medical bills is that the provider will bill the insurance company, which will finally debit your Medicare. Plan for this and know how your income and expenses will fit into the Medicare program.
3. Negotiate Lower Prescription Costs
There’s a lot you can do to lower the cost of your prescription costs. You can ask what the average co-pay is for each prescription or have a list of medications that run over the average limit. Compare this to other companies that offer different benefits packages, such as drug discount cards available through pharmacies or mail-order pharmacies online. Talk to healthcare providers about generic drugs, who are willing to provide these generic medications at lower prices, and why they’re cheaper than brand-name drugs. Be careful when you compare these prices, though, as some pharmacies may charge more for generic drugs than the brand.
4. Use a Med-Credit Service to Manage Medical Debt
You don’t want to endanger your credit record by default by not paying medical bills. If you cannot pay your bills, you can use an organization dedicated to helping people pay their medical debt. A mediation service can negotiate with collections agencies on your behalf and has the professional skill and resources needed to get better rates for your negotiated healthcare costs. Med-credit companies will negotiate down the amount required of you, but they can also help you find solutions if you cannot pay the debt. You can work out a payment plan that is affordable for your budget.
5. Choose a Health Care Plan to Fit Your Budget
As you negotiate your health care bills, you have a variety of options to choose from. If you need prescription drugs, especially expensive ones, ask friends and family members if they have samples or refill medications that they don’t use. You can also get help from your doctor, who might request the insurance company to waive the co-pays on that specific medication. If something else is needed, you can use a mail-order or discount pharmacy card to avoid overpaying for the medication.
Negotiating medical bills is part of life because of their rapidly increasing costs. It can also be one of the biggest obstacles for people who need to be on medications for a long period or have other ongoing medical conditions. You should research and take advantage of the local health plan you are enrolled in before blindly accepting the bills you get. Learn about your deductible and how much you pay for your plan. If you are looking for a bargain and are willing to go without the essential medications and procedures, then look into the external costs of those medical services.
