9News Story on 19Nov
Who saw Adele Arakawa last night on Denver’s 9News do a story on one of the TV station’s own production staff who was taken to the hospital right from the newsroom with chest pains? The story went on to show how he was able to recover as a result of proper treatment but then in the coming weeks the bills started to roll in, thousands of dollars of out of pocket costs. Another case of why folks need programs like those offered by Aflac and why the best employers will create an Aflac program for their employees to have access at reduced group rates.
Harvard Study Update for 2009
An ongoing Harvard study regarding medical bills and bankruptcy continues to yield shocking facts:
62% of personal bankruptcies are due to an unforeseen medical event
75% of the people who had to file had health insurance
92% of those who filed had out of pocket costs in excess of $5000
More than half were well educated, middle class home owners.
How is this possible? Because health insurance is designed to pay doctors and hospitals for the services that they provide less any coinsurance, copayments and deductibles that apply to the specific plan. They do not help with out of pocket costs or ongoing life expenses which often escalate when a medical event occurs. Supplemental insurance like the plans offered by Aflac can be the difference between financial survival and financial devastation.
7 Ways to Reduce Medical Expenses
By Mindy Carson
In 2008, there were an estimated 44 million Americans without health insurance. Since that time, many more people have lost their jobs and insurance due to the recession. Whether you do or don’t have health insurance, here are some ways you can reduce your medical expenses.
Purchase your own health insurance.
Yes, most employers cover the cost of the employee’s health insurance, or at least a portion of it. But if you have a spouse and children, most likely you are seeing at least $500 per month coming out of your monthly pay for your portion of the insurance premium. A simple way to avoid this is to buy your own individual plan. Most insurance companies offer individual plans at a cost that is substantially less than what an employer deducts from your pay. However, individual plans usually have very high deductibles, which is what makes them so cheap. If anyone in your family has medical conditions that require frequent treatment, this may not be the right option for you, especially since the condition could be classified as preexisting.
Buy supplementary insurance.
Buying more insurance seems counterintuitive, but in many cases, it can cover any out of pocket expenses that your medical insurance policy makes you pay. Sometimes, you may actually profit on the claims be getting reimbursed more than you paid out! AFLAC is an easy to use supplemental insurance; the claims can be printed from their website, and many forms don’t require a physician to sign off on it. If you sign up with AFLAC, remember to keep all receipts and bills for major surgeries or the birth of a baby, as they will want verification of those procedures. AFLAC offers cancer, sickness, and hospital policies, just to name a few.
Always ask a hospital for an itemized bill.
If you’ve been to the hospital and were left with a hefty bill, call the billing office and ask for an itemized bill. Hospitals often double bill or charge the maximum that they can so they can get maximum payments from insurance company. Dispute any charges that you know to be wrong, and very often the bill will be revised and reduced. If you still aren’t having any luck, ask to speak with the hospital’s patient ombudsman, who can assist with the situation.
Get vaccinations at your local health department.
Some health plans do not cover the cost of vaccinations. If you have babies or toddlers, the cost of vaccinations can easily be several hundred dollars. Since the insurance plan may reduce the charge of the vaccinations per the contract with the physician’s office, call your insurance company first to see what the allowable charge is. Then call your local health department to see if you can get the vaccination cheaper.
Ask for a cash discount.
If you are a patient with no insurance, always ask your doctor’s office if they offer a discount for patients paying in cash. Make sure to do this when you call to make the appointment, not in the office, if possible. Most physicians like cash paying patients because they get paid upfront without waiting for insurance payments.
Take better care of yourself.
Most people have heard the expression “an ounce of prevention is worth a pound of cure.” People who eat a diet high in fruits, vegetables and whole grains, and low in junk food, red meats, fatty foods and alcohol have a better chance of staying healthy and preventing many diseases. The health benefits of exercise are numerous and also play a major role in things like heart disease and cancer prevention. Watch your diet and exercise for 20 minutes daily if possible.
Don’t skip the annual physical.
Annual physicals, mammograms, pap smears and prostate exams are critical for early disease diagnosis. The same is true for skin exams for people who are prone to freckles and moles. The earlier a disease is detected, the less medical treatment (and expenses) will be needed to correct the problem. And, it may save your life.
