Medical debt can occur for many reasons: for example, the rising costs of prescription drugs, the high costs of surgery and even the inflated costs associated with purchasing medical supplies. If you're currently experiencing the effects of medical debt, or you simply want to reduce the possibility of medical debt before it occurs, there are several cost-saving steps you can employ.
Instructions
1. Negotiate with the health care provider when you receive your bill. According to the Medical Cost Advocates it is possible to reduce your bills by simply negotiating the price you pay. To accomplish this goal learn the "real" name of the items on your bill. For example, even a simple wooden tongue depressor can end up costing you $20 or more if you don't recognize the high cost associated with the "medical term" for the item. Bring to the billing department's attention that you know what cheap items they are overcharging for, and you may receive a hefty discount.
2. Pay your bill all at once. If you have the ability to pay in cash or with a credit card all at once, you may receive a discount. Tell your provider you are willing to pay the entire bill if they provide a discount. According to Health.com many providers will offer up to a 20% discount for patients willing to pay their entire bill in one lump sum.
3. Disclose your income. Many hospitals and other providers offer "sliding scale payments" which in turn can reduce your medical costs by charging you based on a "fair wage" scale. In most cases you should discuss this possibility before any needed operations, however it can still work after the fact in many cases.
4. Look for alternatives to your daily drugs. It should come as no surprise that generic versions of drugs can help reduce future medical debt significantly. According to the Daily Green, generic drugs can cut costs by 52% for many users. While this won't help remove current debt you have incurred, it can help reduce your debt over time and allow you to catch up on already outstanding bills.
5. Consult with a medical debt negotiation company. One such trusted company is LeafLit, which specializes in reducing medical debt. These companies employ their own doctors and medical billing specialists who review your medical debt and then negotiate on your behalf to help reduce your bills. While they do charge for their services, you will typically pay less to these companies than you will to your healthcare provider.
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