Saving Money

Cut Healthcare Costs:

Savings Strategies If You're Hospitalized

Going to the hospital - either as an inpatient or outpatient -- can be stressful, no matter what the circumstances. Then there's the "sticker shock" when you get the bill! Here are some strategies for cutting those costs.

Get the Go Ahead: Find out if a medical procedure you're having requires prior authorization. If it does, and you fail to get the authorization, you may be stuck with the whole bill! Even if you're admitted because of an emergency, most insurance companies require you to notify them within 48 hours. Make sure your spouse or family members have copies of your insurance cards in case they are needed.

Ask Before You Go: You can also ask the hospital to prepare an estimate of the cost of your stay before you go in.Whether or not you have insurance, this can help you work out a payment plan beforehand, rather than waiting until you're trying to recuperate.

Don't Check In On the Weekend: Unless it's an emergency, avoid checking into a hospital near the end of the week, and especially the weekend. It can be notoriously difficult to get lab or other test results back, and doctors may be scarce.You may feel fine but be unable to get discharged!

Check Out As Soon As You Can: Don't put your health at risk if you need to be in the hospital, but if you think you can recuperate at home, ask your doctor if you can be checked out as soon as possible.

Review Your Bill Carefully: An estimated 75 - 95% of hospital bills contain errors, adding up to more than $10 billion annually, according to the U.S. General Accounting Office. According to Equifax Services, the average consumer overpays by $1300! Always ask for an itemized bill of the services you received while in the hospital and review them carefully. Look for double-billing, charges for services or medication you didn't receive, or dates of service that don't correspond with your stay.Wrong billing codes can also result in bills for a procedure you didn't have.

Keep Good Records: Keep a health care file with a record of all bills, claims and correspondence.While in the hospital, if possible, question all medications and tests you are receiving and keep notes of what was administered, when.You may have to request copies of your medical records to verify that the charges for the services you received were correct. Don't be afraid to question any items on your bill! If you do believe you have found mistakes, put them in writing to the hospital billing department and keep a copy of the letter for your records.

Get Help: If you suspect you've been over billed but cannot sort through your records yourself, consider hiring a service that audits medical bills.These companies usually only charge you a percentage of any savings.Type "medical bill audit" into a search engine for listings of companies that perform this service.