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Health care financing tricks for
As if the headlines glutted with recession and layoffs hadn’t created enough gloom and doom, a Harvard study released in June revealed that illness and medical bills were linked to at least 62.1 percent of all personal bankruptcies in 2007.
Furthermore, in 38 percent of cases, lost income due to illness was a factor. And, shockingly, 77.9 percent of the individuals whose illnesses led to bankruptcy had health insurance at the onset of the bankrupting illness—60.3 percent had private insurance.
The study found that the top medical expenses ailing medical debtors were:
Whether you have health insurance or not, there are things you can do to help ease the pain medical bills inflict. Running away from them won’t help. Here are four tips, one for each of the top four expenses:
Ailment: Hospital bills
Remedy: Negotiate your payment
Don’t be shy, others do it, too. Contact the billing department and explain your financial situation. If you do not have insurance, ask if you can be billed at the same rate as large insurance companies — they get discounts. Another strategy is to request a payment plan. Hospitals — and physician’s offices — want to work with you rather than send you off to collections.
Ailment: Prescription drug costs
Remedy: Savings programs and generics
Whether or not you have prescription drug coverage through insurance, you can benefit from a savings program. Communicating for America association members get a discount prescription drug card with their membership that saves them up to 40 percent at more than 55,000 pharmacies nationwide.
The Partnership for Prescription Assistance helps qualifying patients without prescription drug coverage get the medicines they need through the program that is right for them.
Walgreens Prescription Savings Club offers hundreds of generic drugs at $12 for a 90-day supply, plus thousands of generic and brand name drugs.
Also, ask your doctor to prescribe generic drugs, which are marketed under their scientific names. They usually cost 50 percent less than the brand name versions and are just as effective. Look for generic versions the drugs you purchase over the counter. One hundred generic aspirin may cost $1.79, but the same ingredients packaged under a well-known brand name can cost more than $5 for 100 tablets.
Ailment: Physician bills
Remedy: Minute clinics and free screenings
Minute Clinics provide quick, inexpensive care. These convenient walk-in clinics are staffed by certified nurse practitioners and physician assistants who can diagnose and treat common illnesses. Rates usually range from $30 to $110, and if you have insurance most plans reimburse them.
You can also save hundreds by taking advantage of free screenings, immunizations and other health clinics offered by community clinics and other organizations. You may be able to find blood pressure checks, shots for your children, free contraceptives and/or advice, and other preventative health care at little to no cost. And remember, detecting health problems early when they are more treatable saves money, and possibly your life.
Ailment: Insurance premiums
Remedy: Consider a new plan
If you have private health insurance, talk to your agent about finding a different plan. If you pay high premiums but visit the doctor infrequently and have had good health for a number of years, a high-deductible plan may be more cost-effective for you.
Another option, if you don’t have access to an employer’s group plan, is to consider joining an association. Check out this site for all insurance options available to individuals, and get a free quote.
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Health Insurance Values is a service offered by IHC Health Solutions, a member of the IHC Group. All health insurance products offered on this site are endorsed by Communicating for America, Inc., a national non-profit membership organization.
