The cost of medical care has skyrocketed in the past few decades, with even simple procedures costing thousands of dollars. The incomes of most people have not risen nearly as fast as the cost of medical care and insurance typically only pays a percentage of the costs, so many people are financially devastated when an illness or injury occurs that requires multiple treatments and a long hospital stay. One recent study found that medical bills are the leading cause of personal bankruptcy. Fortunately, there are a number of techniques that you can use to reduce your medical costs by a significant amount. Here are some techniques you can try.
Do A Cost Comparison Before Choosing A Facility
Many people are astonished to see the total amount of their medical bills because they have no idea how much the services cost before they go in for a procedure. The price of a certain procedure can vary widely between facilities, with each hospital and medical center setting their own prices for the procedures that they perform. For example, patients seeking knee surgery in Dallas can choose to go to the Baylor University Medical Center, which charges $43,852 for the procedure, or to the nearby Dallas Regional Medical Center, which charges $142,064 for the same procedure. If you know that you need to have a specific procedure done, search free hospital price transparency tools online or contact several medical facilities in your area to ask for an estimate to see which provider is offering the best price.
Negotiate For A Lower Cost
Some hospitals allow their medical billing offices to negotiate with the people that have received services over their bills, providing a way for you to lower your cost for care. When negotiating, keep in mind the amount that you can afford to pay for the procedure and recovery services. You should also inquire whether you could make monthly payments on the amount due. If an agreement is reached, make sure that you get the details of the agreement in writing so there is no confusion at a later date over the terms that were agreed to. Once you agree to this type of deal, you will be responsible for making your payments in a timely manner. While it may take some time and effort, negotiating with the medical facility over the cost of your care can save you a significant amount of money.
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