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Five Ways to Deal With Surprise Medical Bills

1. Review the bill carefully and check for mistakes

Hospital billing departments handle a lot of data. It’s surprisingly common for bills to have errors. Around eight out of 10 hospital bills contain mistakes. You may be billed for a service or procedure you didn’t actually receive. Your bill may have the wrong date, or the provider might have inaccurate insurance information for you.

Hold on to all of your bills. Look over them.

2. Learn about balance billing and whether it affects you

Some states have legislation to protect consumers from surprise medical bills and some don’t. There’s no federal legislation regarding balance billing. However, about a quarter of states have laws on the books, and more states are working towards protections.

More states protect customers with HMO (Health Maintenance Organization) coverage, especially in an ER billing situation, than customers with PPO (Preferred Provider Organization) coverage.

Research your individual state insurance regulators to learn what protections, if any, the state offers from balance billing.

3. Communicate and negotiate with your care providers

Contact your provider or broker if you have one. They can help you deal and mange surprise bills from medical care. We have a billing department at Cosmo that is dedicated to helping clients manage their medical bills. Our billing department is experienced in dealing with all types of billing issues and can negotiate with carriers.

4. File an appeal with the insurance company

You are able to file a formal appeal or complaint with your insurance company. Make sure to get in touch with your doctor to inform them that you will be disputing the bill.

5. Ask for a payment plan or financial aid

Let’s say you appeal the charges and they’re determined to be valid—your insurance company won’t pay any more than the amount stated on the bill. The next step is to request a payment plan with little to no interest. Most billing departments will have payment plans available. This is a better option than putting a huge charge on your credit card which you’ll struggle to pay off.

In today’s heavily regulated market, tax benefits and investment dividends achieved through retirement plans can be significant. Many plans offer immediate dollar-for-dollar tax savings. But the rules are diverse and complex.

Cosmo Financial’s expert consultants can help you achieve your financial objectives through a host of wealth building investment strategies and a full range of variable products to help complement your current financial position. Call for an appointment at your convenience.

Employee Benefit Programs

Employer sponsored retirement plans can be a vital asset to your company as well as your employees providing significant tax incentives to save and invest for retirement. Cosmo Financial works closely with both small and large employers in the corporate and non-profit sectors to identify the proper plans for your company.


Read more at: 5 Ways To Handle A Surprise Medical Bill