People will stress out over medical bills. The figures can be in the thousands and not everyone knows what to do. Deductibles are high and a person can be liable for significant expenses. Dark clouds seem to form over financial wellness because of the anxiety.
There actually is little reason for panic. Medical bills can be managed without panicking. Here are a few points to remember as you decide how to pay the medical expenses.
1. Don’t Pay the EOB
That statement is an Explanation of Benefits. It is not the final bill. There is no need to pay anything until your health insurance company determines its part of the payment.
2. Staying within the Network
Health insurance policies will have a network of preferred providers. Anyone who goes outside the network will pay more for doing that because the insurance company won’t pay any of the cost.
3. Request Generic Drugs
Many prescribed medications have a generic alternative that costs less. You should always ask if there is a generic substitute for a prescribed drug.
4. Monitor the Calendar
A person can control medical costs by scheduling expensive procedures after the annual deductible is met. However, it is essential to remember the deductible is reinstated at the beginning of the calendar year and you should plan accordingly.
5. Talk to the Provider
Unpaid bills will be forwarded to a collection agency. Those people make annoying telephone calls. They often threaten an individual with severe financial wellness consequences. Calling the healthcare provider and explaining the circumstances (e. g. Waiting for the insurance company to determine its obligation.) is a way to get the collection hounds off your trail.
There are other means of managing medical costs, but few people know about them. It helps to have financial wellness professionals explain the options. Countrywide Pre-Paid Legal Services understands why folks could use some good advice. We have a Financial Wellness Plan that can assist a person in managing their bills.
Certified Counselors Are Available
The cornerstone of our benefit is a nationwide network of certified counselors. These are financial professionals who advise people on various financial wellness matters, including medical bills.
Hospitals want their money and they will negotiate reasonable payment plans. The Countrywide counselor will advise a plan member on how to work with the healthcare system. A payment plan that does not leave an empty checking account is a result of the Countrywide help.
Being able to pay those medical expenses requires knowing what money is available. Countrywide counselors will do a budget analysis to determine how much net income can be used to cover medical costs. The counselor can also do an asset inventory to find out what assets can be sold if that is necessary.
Every plan member can expect to be treated with respect. Countrywide emphasizes emotional intelligence and we want counselors with excellent people skills to work with our clients’ employees. If a counselor candidate does not have the right mix of expertise and empathy, we will not do business with that person.
The Employer Will Decide
We have options that can help any person in financial trouble. It is vital for us that every employee can use our benefit and only the employer knows the needs of the workforce. We ask decision-makers to look at our benefits and determine which ones are best suited for their employees. Those selections are going to be part of the final plan document. Our administration is deliberately streamlined to provide quick service to every Plan member.
Employees appreciate any help with medical bills because those expenses can be substantial. Employers who provide financial wellness assistance gain the respect and loyalty of their workers. If you have questions about our benefits, please contact us at your convenience. We want to be able to explain what we can do to make life easier for your staff.