How to Navigate Unexpected Medical Expenses

Dealing with unexpected medical expenses can be overwhelming for most people. Beyond the stress of a health emergency or urgent medical procedure, receiving a hefty bill in the mail that you may not be able to afford could be scary. But take heart — there are steps you could take to find financial support and ensure you don’t end up paying more than what you actually owe.

If you need funds quickly to cover your expenses, an emergency loan with fixed terms and a potentially low interest rate could be an option. But before you take out a loan, keep reading for some tips that could help you navigate the situation. 

Carefully review your medical bills

First, confirm that you’re looking at the final bill from your medical provider and not your Explanation of Benefits (EOB) from your insurance provider. An EOB is a summary of the medical procedures that were performed or care that was given, how much it cost, what portion your insurer will cover and what you’re responsible for paying. An EOB could be mistaken for a final bill and may show a higher final cost than what you owe.

Then, make sure to double-check your medical bill for accuracy. Most medical bills don’t contain a lot of detailed information, which makes verifying the details difficult. In this case, you could contact the medical provider to request an itemized bill, which will break down the final cost into line items that are easier to understand and verify.

Speak to your medical provider and insurance company

Don’t hesitate to call your medical provider or insurance company if there are charges you don’t understand or details that don’t look correct. A medical provider’s billing office should be able to break down the costs for you and clearly explain the charges and billing codes.

Once you’ve confirmed the details with the medical provider, get in touch with your insurance provider to confirm the bill was processed correctly. Make sure to highlight any details that seem incorrect if there is any confusion.

If you feel your insurance company has wrongly denied your claim, you could request an appeal. To do this, you would submit a formal letter detailing your request, as well as a letter from your medical provider and any additional documentation that shows why your procedure was medically necessary. If your first appeal is denied, you may consider looking for legal support before you make a second appeal.

Try to negotiate

You might be able to negotiate a lower price than what is listed on the bill by calling your medical provider. Explain the situation and ask if they could provide any flexibility or lower the total payment due.

Before you call, research the average costs of the services you received — this could help you negotiate a revised amount for the bill. 

If reducing the total bill isn’t an option, ask if you could be put on a payment plan. Many medical providers offer this solution, especially if you have a limited income. If a payment plan is an option, ask about interest rates, which could vary between providers. You don’t want to think you’ve successfully negotiated a manageable payment plan only to be hit with high interest rates.

Look for financial support 

If you aren’t able to reduce your bill or secure a payment plan, consider asking for help from local non-profits, charities or government services.

Calling 211 will connect you with potential support in your area. You could also look into whether your state or city has community health advocates who could help you navigate the medical system, including expensive medical bills.

You might also think about borrowing money from friends and family. Just remember that borrowing money from loved ones can create conflict if everyone isn’t on the same page. If you choose this route, make sure you put the financial agreement in writing, including payment due dates and amounts, and take care to abide by it.

You could also consider sharing your story on a crowdfunding website, which is a popular way for people to raise money to cover their medical bills.

You are your best advocate

Navigating unexpected medical bills could be emotionally and financially draining. Take a deep breath and take your time confirming the expenses are correct. Don’t be afraid to call your medical provider and insurance company to confirm billing details, ask questions, make sure you fully understand what you’re on the hook for and negotiate where possible.

Don’t let unexpected medical expenses bring you down. Do your best to advocate for yourself and look for support from those around you.

Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of thesiliconreview.com or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.