Medical debt continues to be a hassle for Americans, and in some cases, unexpected costs can amount to thousands of dollars. PBS recently published a transcript of an interview with a man who underwent triple bypass surgery and received an unexpected $2,200 medical bill in the mail weeks later. The man was covered by the hospital and surgeon, but not by the doctor who took care of him while staying in the intensive care unit. Had he known, it is possible he could have avoided an unexpected $2,200 bill! Like many other Americans, this man was caught off guard by balance billing, a process where health insurance covers some procedures or doctors, but not others. A recent poll conducted by The Associated Press-NORC Center for Public Affairs Research discovered two-thirds of Americans would be unable to cover an unexpected $1,000 expense. Many people hit with balance billing pay multiple times…
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Millions of Americans hold a type of debt that has very little predictive ability to determine their creditworthiness. Medical debt has become a stain upon the finances of 43 million people in this country, hurting their ability to obtain loans and mortgages with decent interest rates. Many of these people receive medical debt through no fault of their own, as we learned from our blog last week. Now that we have established the issue, how can this problem be resolved? A group of US Senators and Representatives are working together to reform how credit agencies report medical debt. If the law passes and is signed, it will become much easier for people to remove medical debt from credit reports. How Will The Medical Debt Relief Act Work? If you want to know how this legislation will help remove medical debt from credit reports, keep reading. There are several benefits to…
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Medical debts are still a major financial hindrance to families across the country, even for those with insurance. We have written about out-of-network hospital costs before, but more can be said about insanely high medical bills incurred by out-of-network health care specialists. When health insurance companies narrow the number of providers available, consumers can be hit with huge medical bills through a process known as ‘balance billing’. Balance billing occurs when patients are treated by out-of-network health care specialists. Patients are left paying the difference between what their policies will pay and what the out-of-network specialists charge. What does balance billing look like? Last year, The Atlantic wrote an article describing the story of a man who almost died from a heart attack walking his dog and had to make the difficult decision of which hospital to choose. The man and his wife knew several hospitals nearby were not covered…
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