Medical care is not cheap. Bills can arrive in the mail with
errors on them costing patients hundreds of dollars. It pays to examine every
medical bill.
The American Medical Association estimates that 7.1 percent
of claims paid in 2013 had an error. Financial website NerdWallet found
mistakes in 49 percent of Medicare claims in 2014. Billing errors are common
and can cost patients a lot of money in out-of-pocket expenses.
Medical coding is often to blame for the errors. In truth, it
takes meticulous attention to detail. Even small bills, such as those for
co-pays, can be ripe with errors. But there is good news in all of this
worrisome news.
US Media Studios learns that as part of a 2015 settlement, medical
debts sent to collections will have a six month grace period before they show
up on a consumer’s credit report. Further, the three credit reporting agencies
are required to remove a medical debt once it is reported as paid or settled by
the insurance company. Keep in mind
though that bills paid by the consumer and settled remain on reports. The
insurance company has to report it to the credit reporting agencies in order to
it to be removed.
The
most important thing to know is to not wait too long to pay or officially
dispute a medical bill or bills. Some insurers and providers are quick to
settle unpaid bills. Twenty percent of consumers have an unpaid medical debt on
their credit report, according to a report from the Consumer Financial
Protection Bureau.
When
a medical bill arrives in the mail or in email, review it as soon as possible
and completely. Do Google search on
medical codes not explained or understood. Call the insurer or provider and ask
what the charge is for. Haste makes money waste. Jump on medical bills and don’t
pay for something that should not be there. It’s your money. Why give it to an
insurer if you didn’t get the service?
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| Don't be this guy. (image:pixabay) |
