Paying cash for non-emergency medical needs can save you big

Written by |
Advertisement

If you’re looking to save money on medical bills, you might consider being a cash payer and shopping around for the lowest price on non-emergency medical procedures.

I take calls on the show all the time from people who have no insurance or just a bare bones health insurance policy, and they’re getting massive bills for medical services that have already been rendered. The problem is you’re in a weakened position when it comes to asking for discounts after you’ve already had the procedure or test you need.

The key is to make a deal upfront when you have the time and opportunity to do so. I read an article in The Los Angeles Times  that gave some concrete examples of how much money doing it like this can save you.

In one case, a blood test that would have cost an insured patient $415 could be paid for in cash — after negotiating — for $95. In another case, one major insurer was charging a negotiated rate of $2,400 for a CAT scan at a Los Angeles-area hospital. But that was reduced down to $250 when the Times called to inquire about the cash price at the hospital.

Medicine doesn’t work like normal business with price lists posted and all the rest. It’s all in a fog; you have to clear out the fog if money matters to you. You don’t want to be in a position with backbreaking bills or ruined credit after the fact.

Cash is king. Medical billing offices are fatigued already with all the insurance companies. So if you do your homework and you shop services, providers, and facilities, you can make a big impact on what kind of financial burden you’ll face down the road.

Editor’s note: This segment originally aired June 15, 2012.

Advertisement
Welcome bonuses can be a great way to boost the value of a credit card. Best Credit Card Welcome Bonuses for 2023 - If you're in the market for a new credit card in 2023, you may be hoping to cash in on the hundreds of dollars in sign-up bonuses offered to new customers. Welcome bonuses and offers are a marketing tool that…
The best cell phone plans include Tello, Mint Mobile, Visible, T-Mobile, Consumer Cellular and more Best Cell Phone Plans in 2023: The Cheapest Plan for Every Need - Team Clark ranks the best cell phone plans and deals! See our favorites for unlimited data, families and cheap plans starting at $10/month.
  • Show Comments Hide Comments