Nearly one in four Americans have medical debt, according to a recent survey by Lending Tree. Being armed with facts and information can help you avoid unnecessary medical debt and help you navigate medical bills. Here are three important facts for you to know:
- 90 percent of hospital bills contain errors. That’s right. More often than not, there is an error on your hospital bill. So before paying the first bill you receive, carefully review the bill and check to make sure that you don’t fall into that 90 percent.
- You are entitled to ask for an itemized bill. Call the hospital billing department to request a bill that breaks out each item that you are being charged for. If the billing department seems unwilling to provide the itemized bill, remind them that it is your right to have one.
- Know before you go. If you are able to plan in advance for hospitalization or medical treatment, make sure you fully understand basic insurance terms such as deductible, co-pay, and premium. Know what to expect and how much you will be responsible for paying after your insurance carrier pays its share.
Healthcare finance is complex and difficult to untangle. Many of us get caught short because we did not have information, did not understand our rights, or simply do not have the energy to deal with our own diagnosis (or a loved one’s) and manage the financial aspect of care at the same time.
Learn more about managing medical bills with Care Answered and FPA-LI on Wednesday, September 20 at 7 pm. Visit fpali.org to register.