Here's part two of our coverage of Smart Money's piece on how to save 50% on everything. Today, they give ideas on how to save 50% on health-related expenses. Their ideas that I like:
- You can negotiate your medical bills. While only 10% of Americans try, according to a recent Harris Interactive poll, more than 60% of those who do get discounts. Hospitals and doctors are willing to negotiate because their retail rates bear little relation to the cost of providing care — typical markups range from 200 to 600%.
- If your doctor isn't willing to discuss the cost of different options, get a second opinion.
- Gutsy patients can take it further. Ask the doc for the CPT codes on procedures he's recommended — these are the numeric codes used by the American Medical Association to identify health services. Use the code to look up the Medicare reimbursement rate for the procedure in your area at www.cms.hhs.gov/apps/pfslookup/step1.asp. Kevin Flynn, president of Healthcare Advocates, a Philadelphia firm that helps consumers negotiate health care fees, advises offering your doctor this price plus 10%. To sweeten the deal, offer to pay immediately.
Wow, interesting information. I never thought about negotiating with my doctor, but this piece is probably right -- the margins are gigantic in healthcare. I'm sure they have lots of "wiggle room" that still leaves them with a good profit. I guess everything is negotiable. ;-)
A few other health-care savings suggestions from me can be found in these posts:
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