Receiving a medical bill can pose a challenge, particularly without a financial strategy. However, negotiating these bills to make them more manageable is often possible. Here are a few key points to remember when doing so.

Understanding Your Medical Bill

Your medical bill will have a wide range of details on it. Most important is the total amount listed and understanding the critical components related to your costs.

• Look at the "total owed by the patient" to determine what the actual cost is to you.
• Verify that the charges are for services you received.
• Read the medical bill to understand whether it's gone to the insurance company yet.

If you have questions about the medical bill or do not believe it's accurate, act quickly. The longer you wait, the harder it can be to prove that the bill isn't accurate.

Identifying Billing Errors and Disputes

Given the complexity of medical bills, it's crucial to scrutinize them for possible errors. If in doubt, request an itemized bill. It will provide a detailed breakdown of costs, enabling you to verify the accuracy of each charge.

Look for mistakes:

• Did those services happen?
• Is there a duplicate charge, such as two procedures instead of just one?
• Are there mistakes in the codes (which isn't always easy to pinpoint but can be evident if you know you didn't receive a service)?

If you believe any charges are inaccurate, dispute them with the billing organization. Follow their specific requirements for doing so.

Researching Average Costs

If you did receive the care, that doesn't mean the bill is fair. If the costs are too high, it is possible to negotiate the medical bill lower. To do that, make sure to start with some research.

Look up the costs associated with the insurance codes listed on your medical bill. You can start with a Google search to provide you with some insight. However, other sources, including FAIR Health and Healthcare Bluebook, can be more helpful. Both sites can give you more insight into what various types of care typically cost.

Communicating with Providers

After understanding the standard costs of your medical services:

• Engage with your providers.
• Remember, you have received their services, and the charges should be fair.
• Politely and calmly inquire about potential savings and negotiate, as this approach increases your chances of reaching a beneficial agreement.

In some situations, you can ask for a settlement offer. Ask the provider if you could settle the debt for less than you owe. For example, if you cannot make payments or cover the total price of a $10,000 medical bill, you may ask the provider if you can settle the debt owed with them right now for $8,000. They may be willing to work with you on this, but you must be ready to make that payment.

Payment Assistance and Options

Another option that may be helpful is asking about payment assistance. Many providers – even smaller doctor's offices and providers – may be willing to work with you. Not all organizations offer this. For example, if you've received an elective procedure, you may have to pay for the care upfront long before having it done.

Most other organizations will work with you to create a payment plan. The payment plan may be a set amount paid over several months. The company may ask you to pay interest on this amount. Some companies will even refer you to credit card lenders specializing in medical debt and costs.

It is up to the healthcare provider to tell you the terms and if they are willing to work with you. There's no reason not to ask, though.

Insurance Coverage and Appeals

What about your insurance? If you receive a denial of coverage or do not get as much of the cost covered as you think, you should contact your insurance company to find out why. They may offer multiple opportunities to appeal the denial, especially if you received care that your doctor believes you needed to have or if they provided preauthorization to you for your care. You will often receive appeals instructions with your insurance denial form, but you can also call to inquire.

Finding a Medical Billing Advocate or Financial Counselor

Contact a medical billing advocate or a financial counselor if you're struggling with medical bills and worried about what's to come. While your medical bills may not be negotiable in some situations, healthcare providers typically will work with you on payment plans if you communicate. With some help from these professionals, you may find that's easier to do than you realize. The key here is to be sure you are working on this process as soon as possible instead of waiting months to ask for help.