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How Consumers Can Avoid Medical Debt

NERDWALLET HEALTH How Consumers Can Avoid Medical Debt Last year, NerdWallet Health found that medical debt is the Teading cause of personal bankruptcy in the United States. In a follow-up to last year's study, NerdWallet Health investigated the mounting financial obstacles facing the American patient. Despite recent advances in health care policy, American households are struggling with medical debt more than ever before, and it's BILL only getting worse. bMEd! МMXIV YOU CAN'T AVOID AN ACCIDENT, BUT YOU CAN AVOID OVERPAYING EDUCATE YOURSELF AND BUILD YOUR FINANCIAL LITERACY USE PUBLIC AND PRIVATE SERVICES TO HELP MANAGE, PLAN AND PAY BILLS UNDERSTAND YOUR HIRE MEDICAL BILL COMPARISON SHOP USING PRICE HEALTH INSURANCE ADVOCATES TO COVERAGE REDUCE BILLS TRANSPARENCY TOOLS FOR HEALTH SERVICES, MEDICINE AND HEALTH PRODUCTS LEVERAGE YOUR FIND OUT IF YOUR STATE FLEXIBLE SPENDING OFFERS FREE AND EASY ACCOUNT (FSA) AND YOUR HEALTH SAVINGS ACCOUNT (HSA) RESOURCES TO CONTEST A BILL AUDIT YOUR OWN BILL FOR ERRORS LIKE DUPLICATE CHARGES, CROWDFUND INCORRECT INSURANCE POLICY INFO AND INAC- CURATE QUANTITIES NEGOTIATE YOUR BILL DOWN BY ASKING FOR YOUR BILL BY USING A "PROMPT PAY" DISCOUNT OR OBTAIN- ING AN INTEREST-FREE DO-IT-YOURSELF FUNDRAISING SITES SUCH AS GIVEFORWARD, GOFUNDME OR FUNDRAZR READ 'A GUIDE TO FINDING MEDICAL BILL ASSISTANCE' nerd.me/medicalbillassistance APPEAL DENIED CLAIMS PAYMENT PLAN $49.0 $46.7 50K 51 40K 30K 20K 10K 2010 2013 1 IN 3 CANCER SURVIVORS INCUR MORE THAN $10,000 IN DEBT MILLION AMERICAN ADULTS AMERICAN HOUSEHOLDS LOST $2,300 NEARLY 40% paid to third-party debt collectors is for medical debt, the will be contacted by in median income largest category of debt collection between 2010 and 2013, debt recovered by agencies about unpaid but their health care collections agencies medical bills in 2014 expenses rose by $1,814 BILL EXPERTS SAY THAT 4 IN 5 MEDICAL BILLS HAVE ERRORS. DON'T ASSUME YOUR MEDICAL BILLS ARE ACCURATE. HELP IS OUT THERE, EVEN IF YOU HAVE TO GO DIGGING TO FIND IT. SOURCES: Ernst & Young's 2014 report on third-party debt collection, Milliman Medical Index (MMI), Washington National Institute for Wellness Solutions. nerdwallet BILL MEDICAL DEBT BILL

How Consumers Can Avoid Medical Debt

shared by NerdWallet on Oct 08
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Last year, NerdWallet Health found that medical debt is the leading cause of personal bankruptcy in the U.S. Despite recent advances in health care policy, American households continue to struggle wit...

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