An organization’s group health insurance plan protects an employee from the burden of the total cost of a surgery or medical procedure. However, this does not necessarily mean that the employee pays nothing. There are co-payments and deductibles that must be met, and these can be significant. Family coverage is usually available, but paying for a loved one’s medical bills has unique issues.
The primary questions
An obvious challenge is financial strain. Family health care bills can be expensive and put a significant strain on the domestic economy. It causes financial stress, and it damages a family’s overall well-being. Billing errors may occur. The mistakes can lead to denied insurance claims or incorrect charges, complicating the process of paying the bills.
Insurance policies are complex and often difficult to understand. It will cause confusion and frustration when trying to navigate medical bills. Unfortunately, some medical procedures may not be covered by insurance.
A final problem is emotional stress. Dealing with medical issues, especially those involving children, can be emotionally taxing for anyone. The added stress of medical bills will compound the emotional burden, affect domestic financial well-being and place great emotional strain on everyone.
Ways to handle family bills
The family’s financial situation determines the best ways to pay for medical expenses. An employee must understand the insurance coverage, including what medical services are covered and what the out-of-pocket expenses will be. The organization may provide health savings accounts (HSAs). These are useful if an organization has a high deductible health plan, and the employee can save money for medical expenses by contributing to their individual HSA. In addition, the money in the accounts is tax-deductible so that person can pay medical bills tax-free.
Many people don’t know this, but medical bills can be negotiated with the health care provider. Hospitals and treatment centers do not want to destroy a family’s financial well-being. Depending on the family’s financial situation, discounts, payment plans and even lower interest rates are available. A payment plan can also be arranged.
Seeking guidance from a financial professional is an excellent way to manage medical expenses. The professional can help develop a plan to manage finances and pay off the bills. Nationwide Prepaid Legal Services offers a financial health plan which organizations should consider.
Certified counselors help
We use a nationwide network of certified advisors to provide services. These people deal with daily financial challenges and can help pay medical bills. They offer a type of advice that a person can use to cover hospital costs and negotiate reasonable payments. In addition, nationwide advisors can also help develop a domestic budget to help people afford the bills.
An employer should consider financial wellness benefits as part of an overall approach to managing medical expenses. The organization may already have a group health insurance and HSA account program, and that helps. However, including a financial wellness benefit is an added service that employees will appreciate. We have several benefit options and we want to develop a plan that best serves an organization’s workforce. We will explain all of our benefits to these potential customer decision makers and allow them to choose the options that will be part of their financial wellness plan. In addition, we provide administration and superior membership services.
Medical bills can be daunting and we can help employees with other benefit options related to issues such as college debt, bankruptcy issues and home buying. If you would like to know more about our services, please contact us as soon as possible. We want to help you provide great benefits for your employees.