Black Healthcare Costs: 6 Ways to Manage Your Medical Expenses

Date:

spot_img
What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0

Unexpected medical bills can cost up to $1,000. Sometimes, these healthcare costs are unavoidable. However, knowing some tips on managing your black healthcare costs can help you avoid unnecessary medical expenses. This article will guide you on how to manage your healthcare expenses. 

Become an insider.  Subscribe to our newsletter for more top trending stories like this!

Join our Spotcovery Global Black Community Facebook Group for early access to exclusive content and to share in a lively discussion.

Request Itemized Bill

If you get a bill from an insurance company or a healthcare provider and don’t find the charged services, contact the biller to ask for an itemized list of services offered and their prices. However, if a healthcare provider feels reluctant to send it, remind them that you’re guaranteed under federal laws – HIPAA (the Health Insurance Accountability and Portability Act) to get one. 

You can find books that cover healthcare laws in the United States on Amazon. These books will help you discover your rights as a citizen regarding health matters. 

People Also Read: Black Health: 4 Effective Strategies Black Women Can Use to Manage Excess Weight Gain

Look up Bills With an Explanation of Benefits (EOB)

An explanation of benefit (EOB) is simply an insurance company’s written document that shows the total charges for your visit. It usually looks like a bill but isn’t. 

Explanation of benefits helps you understand the amount your insurance plan covers and how you’ll pay when you receive a bill from your healthcare provider. So, do the due diligence to cross-check your healthcare bills with an explanation of benefits. If you find any inconsistency between what the EOB says you should pay and the itemized bill, contact the healthcare provider to let them know about it.  

Negotiate for Lower Bill 

If the costs for a healthcare service that you received are above your budget, contact the provider and let them know that you can’t afford the bill then negotiate. For example, if a healthcare provider is charging $1000 for a procedure, but you discover that you can get that same medical care for $800 somewhere, examine your finances.

If you can afford to pay $800, negotiate to make a single payment of that amount to clear up the bill. Most providers will accept a lump sum to clear a debt. So, you can use it to your own advantage to reduce your black healthcare costs. There are books on Amazon that’ll teach you how to negotiate your bills

Become an insider.  Subscribe to our newsletter for more top trending stories like this!

Use Your Health Savings or Flexible Spending Accounts

With flexible spending or health savings accounts, you can save money for your medical expenses and avoid borrowing to pay for healthcare bills. Deposits to flexible spending and health savings accounts are done automatically from every paycheck you receive and sent to a tax-free account that you can use to pay medical bills. 

People Also Read: Black Moms: 7 Tasty Healthy Foods for Your Babies

Create a Payment Plan

If your finances won’t allow you to pay off large amounts of bills at once, it’s advisable to create a payment plan that permits you to pay instalmentally. First, you need to figure out how much you owe. Next, you review your finances to see how much you can pay on a per-check or monthly basis. 

Once you’re certain of these things, contact your healthcare provider to set up a payment plan for you. While doing that, you can also ask if they have any financial assistance program that’ll benefit you. 

Cross-check Billing Codes

Sometimes, you can receive a bill by error, or your insurance company may even fail to pay the right amount. That’s why it’s important to examine the billing codes. Your healthcare itemized bill usually lists current procedural terminology (CPT) codes for treatments or medical services provided. 

CPT codes explain medical services, while healthcare providers and insurance companies use procedural. So, you should always check to ensure that the medical services you receive are the same as the CPT codes on the bill. The good thing is that you can check the meaning of the code online.

Let’s be honest: healthcare bills can feel overwhelming. However, they’re something we’ve to deal with at some point in life. If you make a good plan and get organized, the cost of your black medical costs won’t wreck your finances. To learn more, get one or two books on managing medical costs on Amazon

People Also Read: 10 Remarkable Health Programs for African Americans

Become an insider.  Subscribe to our newsletter for more top trending stories like this!

Nearly 80% of consumers visit directories with reviews to find a local business. List your business for free in our exclusive Spotcovery Black-Owned Business Directory.

Spotcovery offers unique and fresh daily content on Black culture, lifestyle, and experiences. We talk about everything black, black people, black-owned and black-owned businesses. We also deliver authentic and relevant content that will inform, inspire and empower you! The future of black media is critical to today’s black experience! Our primary audience includes African Americans, Africans, Afro-Caribbean, and people of African heritage. Black culture is for the culture!

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0

As an Amazon Associate, Spotcovery earns from qualifying purchases. Spotcovery gets commissions for purchases made through links in this post.

spot_img
Uchenna Agwu
Uchenna Agwu
Hi there! I’m Uchenna Agwu, and I love to write. When I’m not writing, you can usually find me reading books or watching documentaries (I’m a bit of a nerd). But I also like to get out and explore – whether that means going on hikes or checking out new restaurants.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive Articles

Popular

More like this
Related

The 4 Golf Majors Every True Fan Should Care About

Any professional golfer’s dream is to win at least...

10 Best Soccer Leagues in the World to Watch

The best soccer leagues in the world are financially...

Bill Russell Rings You Probably Don’t Remember

Bill Russell was a basketball stalwart. He spent 13...

UEFA Women’s Champions League: 7 Clubs That Have Won the Title

The UEFA Women’s Champions League is a flagship European...