6 Medical Bill Questions That Can Save You Money
Any kind of debt is stressful, but medical bills are particularly challenging to deal with. That’s part of the reason why so many people avoid going to the doctor. They’re afraid of getting billed. This issue — this concern — isn’t limited only to those without insurance. According to the Commonwealth Fund, 23% of Americans are underinsured. This means that they have insurance, but that their policy doesn’t give them access to affordable healthcare.
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So what happens if you can’t avoid going to the doctor and you end up getting billed? Before you pay, ask these medical bill questions. You could save some money.
1. Can I Get an Itemized Bill?
“I would always ask to receive an itemized bill from the provider,” said Karim Hachem, a patient-turned-health insurance advocate and CEO at Valedo.
What is an itemized bill? It’s basically a line-by-line breakdown of any treatments or services received. It’ll give you a much clearer idea of what you’re actually getting charged for, which also makes disputing those charges — if inaccurate — easier.
And sometimes, you won’t even need to ask for corrections yourself.
“Indeed, oftentimes simply by asking for an itemized bill from a facility like a hospital, they will tend to fix errors that were originally billed to you,” Hachem said.
That’s money saved with minimal hassle.
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2. Does the Itemized Bill Match My EOB?
Your explanation of benefits (EOB) tells you what your insurance covers. It also tells you what you can expect to pay when you receive a medical bill. You’ll want to make sure everything on it matches up with your itemized statement.
“You should find that the procedure codes listed on your itemized bill match the explanation of benefits that you receive from insurance, along with the quantities or unit counts and the dollar amounts billed,” Hachem said.
If anything doesn’t match, contact your insurance company or medical billing department.
3. Was the Bill Run Through a Master Charge List?
A master charge list, or chargemaster, is a list of all inpatient and outpatient services or treatments offered at a medical facility. They can contain hundreds or even thousands of services.
If you’ve received a medical bill, ask if it’s been run through the list. Make sure it’s being billed at the contracted rate rather than the full retail rate. Otherwise, you could be paying more than you should.
4. Are There Duplicate or Erroneous Charges?
Medical billing errors are more common than you’d think. According to Jama Health, 1 in 5 people have received a medical bill they either disagreed with or couldn’t afford.
“A lot of times, duplicate services are billed erroneously, or charges are placed under the wrong procedure code, or the wrong diagnosis code is used for your medical bill,” Hachem said. “Hence, this information is submitted to insurance incorrectly, and insurance issues a denial.”
These charges are often unintentional, but they can still be stressful. Taking a moment to ask yourself whether what you’re being charged makes sense could bring some much-needed relief. You can also ask your medical provider to explain any charges you don’t understand.
5. Does the Balance Match Your Patient Responsibility?
You’ll want to make sure the amount you’re being billed for matches your patient responsibility balance. You can find this in your EOB.
Look for partially denied claims or underpaid claims. You might even find claims denied in full for services you received. Cross-reference everything to ensure what you’re being billed makes sense and wasn’t supposed to be covered by your insurance.
“If you receive any partial or full denials, always make sure you appeal these,” Hachem said. “Work with your doctor's office to obtain records and statements that will support your appeal. Also, you may be able to have them do the appeal for you.”
6. Is There a Better Payment Plan?
Medical payment plans are an option if you’re trying to lower your up-front costs. But not all plans are created equal. You might find that you can save money on interest by simply asking for a better plan.
Some providers offer 0% or low-interest payment plans. If you’re struggling with a medical bill you can’t dispute, see if you can pay it over time.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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