How To Save Money On Your Hospital Stay

No two health plans are alike; they offer a variety of benefits packages and payment schedules, so there’s no one comprehensive list of the best ways to lower your hospital bills. Lucky for you, there are some general steps to keeping hospital costs low.

Beware of Billing

Hospitals are becoming blatantly aggressive when it comes to collections—something that can put your credit rating at risk if you’re not in a position to quickly pay off your bills.

Reviewing your bills for potential overcharges is vital. Your insurance plan probably has what’s known as a benefits cap, (a limit to the benefits you can receive in your lifetime)— and any money that’s siphoned off by fraud or error will chip away at your lifetime limits.

Hospitals will often go to surprising lengths to discourage you from delving too deeply into your bills. With a little effort, you can educate yourself and take responsibility for ensuring your charges are correct and free of those $133.00 bottles of Tylenol reported on the nightly news.

Hospitals counter that their efforts to discourage challenges and audits are aimed at saving money from superfluous claims—yet they also aren’t wasting any time filing liens or turning delinquent accounts over to collection agencies.

Don’t Be Taken For a Ride

Follow these steps and make sure you’re not overcharged for your hospital stay:

• Especially if a hospital stay isn't related to an emergency, read through your insurance policy beforehand to get a better idea of what and how much it pays for. Be aware of what your out-of-pocket expenses will be and carefully review your health plan’s list of exceptions and exclusions. It’s the best way to know what your plan won’t cover.
• Contact your hospital's billing department before you’re admitted; find out what you’ll be charged for your room, and just what that room charge will cover. If the Tylenol won’t be included, bring your own!
• Don’t forget that unless everyone who’ll be treating you (surgeons, anesthesiologists, radiologists, pathologists) participates in your health plan, you’ll be solely responsible for their fees.
• You’ll receive what’s called an EOB (explanation of benefits) from your insurance carrier. Your EOB tells you exactly how much your hospital charges you, what your health plan covers, and what you pay out of your own pocket. It’s invaluable for future reference.
• Finally, when your bill arrives, read it over carefully. Any items you don't understand? Call your insurer and the hospital’s billing department, and get them to explain it. Demand an itemization. Don't accept a bill using any term like "miscellaneous lab fees." And, don’t hesitate to appeal to your hospital’s administrator if the billing department fails to satisfy you.