Medical bills can be daunting. Necessary treatments and surgeries can cost thousands of dollars, and even if company health insurance benefits cover large expenses, an employee must face a deductible and co-pay. People get nervous when they see the bills, but there are ways to budget for them. You can avoid being blinded by the cost.
Be an active participant and gather information
Healthcare must be a team effort. Your doctor will prescribe or suggest specific procedures, but you don’t have to accept anything silently. Instead, a discussion of costs needs to be included.
Generic drugs are cheaper than brand names and can be a cost-effective alternative. Physiotherapy and exercise can prevent or delay costly knee replacement surgery. The doctor may know of different programs that a person can use for discounts. It helps to get an estimate from the doctor’s office about how much a procedure will cost.
An individual can also look into the group health plan to see coverage for various health care procedures. No one should hesitate to negotiate payments with any healthcare provider. It is interesting to see how willing some health care facilities are to establish payment plans or alternative ways of providing care, such as outpatient care. All of this requires a patient to be willing to speak up and seek information. Asking questions is not a crime.
Develop a budget
Once the information is gathered, it’s time to create a budget to cover the cost of the medical bills without compromising financial well-being. The budget should include savings for any significant medical procedures and determine how much can be paid each month to retire the outstanding bill. Then that budget should be followed carefully. People need help understanding how to design a budget that realistically matches expenses with income. Sometimes having outside advice makes the process easier.
Nationwide Prepaid Legal Services has a financial wellness benefit that provides expert opinion on how to meet medical expenses and design a budget to meet healthcare costs.
The best are there to help
Countrywide has a nationwide network of certified counselors with extensive experience helping people solve financial health problems. The counselors deal with pressing issues like medical debt, college loan financing, and help people construct useful budgets.
These professionals are also a wealth of information. They can give suggestions on what to do to budget for medical procedures and how to manage the payments. Medical bills do not need to be paid in advance; health care providers are willing to accept payments, provided they are routinely submitted. The nationwide advisor can suggest ways to ensure that the right amount of money goes to the right place.
Budget analysis is one of the financial wellness services nationwide provides. Our advisors help all plan members create a workable budget that includes savings for significant expenses like a hip replacement. This is an excellent service because many people do not understand how to create a working budget. They can rely on a nationwide advisor to show them how it’s done.
We always work with the customer
We oppose the idea of offering every potential customer a benefit. Countrywide is flexible enough to design a financial wellness plan unique to the client organization. We want our customers to choose the benefit options they want to see in their plans.
Teamwork is important to us. We discuss our options for financial well-being with the prospect’s management. We then asked the decision makers to decide on the benefits that will be included in their organization’s plan. The elections are part of the final document and Countrywide provides fantastic member services and streamlined administration. We promote transparency and work with customers to resolve any issues that arise.
Medical bills don’t have to be scary and can be paid without serious financial consequences. We want to help your employees meet these expenses. If you have any questions about nationwide benefits, please contact us as soon as possible. We welcome the opportunity to answer your questions.