It is usually very simple to keep track of some bills associated with certain payments, such as electricity and water bills in your living expenses. For instance, it means that you owe your electric energy provider $50 when you receive an electricity bill for $50. Unfortunately, this is not the case with medical bill, especially when it comes to the task of disputing claims, keeping track of bills and requesting approval for certain costly medical procedures or drugs. This can be attributed to the fact that it can take you countless hours or even days before you get your insurance summaries.
As much as it can be hard to keep track of all the bills and other papers that begin flowing into your home after diagnosis of a chronic illness like cancer, keeping careful records of your medical bills not only helps you manage your finances better, but also lower your stress levels by making your insurance claims somewhat easier. This means that you’ve to track your medical expenses carefully by keeping your records in a well-organized manner in order to avoid paying more than you should because of billing errors. Here are some useful tips for how to manage your medical bills.
Tip #1: Be organized
This is perhaps one of the best tricks for how to overcome the confusion brought about by copious medical bills. It involves taking simple steps to keep paper or electronic versions of your bills and statements in order. For instance, you should learn to keep a calendar of your medical appointments and based on the respective health care service received during each appointment.
Also, if you have medical bill for more than one member of your family, try to ensure that you keep a separate file for each. Basically, a very rudimentary filing system is all you need. For medical bills with insurance statement, pair them together and include any payment receipts and updated statements about those bills. Typically, you’ll be amazed at the financial difference a little organization makes.
Tip #2: Create and update a list of your medical bills
This is pretty simple since it involves the creation of a list of your medical bills as soon as soon as they begin to trickle in. Nowadays, you can accomplish this task electronically using spreadsheets with headings like date, type of service, billed amount, allowable amount, amount the insurance provider pays, your payment, amount owed and any other relevant notes. However, it is imperative to ensure that each bill is up to date with each payment you make.
Tip #3: Review your medical bills
It is paramount to mention that there are some aspects about your medical bills that you should read carefully. For example, you should ensure that certain aspects like the date, name of the insurance provider as well as the type of care are correct on both documents. Also, check the amount your insurer says you owe in order to understand how much of the bill you need to pay.
Actually, this way you’ll be able to identify issues that you barely understand concerning your medical bills and address them in the earliest time possible. If you still cannot decipher some of the charges on your health care bill, ask the medical-records department for a copy of your doctors’ orders and the nursing notes or you can even contact your insurance provider.
Tip #4: Find and fix errors
Mistakes can happen during billing of the services offered by your health care provider, and hence before you pay anything, consider going through your billing paperwork more carefully. Inconsistencies such as wrong insurer’s group number or name, duplicate orders, unbundled fees, in-accurate operating room times, up selling and up coding can end up costing you more than you would expect. However, if can’t understand some billing details, you can review your medical bill with the hospital’s billing office via the phone.
These tips will surely help you manage your medical bills more efficiently, considering the fact that it can take a long time before you will get your insurance summaries. This will allow you to pay your medical bills on time such that your credit rating isn’t compromised. Nevertheless, if you can’t pay your bill in full, ask to arrange a payment plan with your health care provider, as long as you agree to make small regular payments.
Brenda Panin is a blogger from Australia, very passionate when it comes to personal finance and marketing. Recently, Brenda has been interested in insurance so she spent some time researching iSelect. She enjoys seeing her readers getting useful information from her articles.