New Medical Debt Rules
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- Опубликовано: 14 окт 2024
- There's a new law that means the credit bureaus don't report medical bills below $500. Clark explains what it means for your financial life.
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The medical billing system is abysmal, no other industry can bill you 6-12 months after the service was rendered and expect to be paid. Don’t get me started on everyone being quoted a different price based on their insurance, oh and if you do self pay it’s less than if you had insurance sometimes. It’s such a crooked system
This does NOT fiix the issue of unaffordable healthcare in the US.
It should be illegal for them to charge $50 for an aspirin
Yes!
Totally!
The $500 rule doesn't help much. A $500 bill from a Family Doctor isn't causing anybody that much hardship. It's the thousands of dollars of medical debt acquired from a HOSPITAL emergency room. For example... I don't think I've ever gotten a hospital bill for less than $500. It's usually 3 times that and that's after the insurance has already paid them 80% of the total. Even worse, a hospital's goal is not to help you, but instead run up as much cost as they can to milk your insurance, find no solution to your health issue and then tell you to go see your family doctor. So basically you just went in debt for absolutely no reason. At least that's the experience here in West Virginia. Terrible care at a high cost.
Same in California
Thank You
Does Ambulance rides bills count as medical debt on credit report?
This is good news but I have a concern. What if medical service providers inflate their bills to get them above the $500 threshold. Sounds crazy right? But remember the folks we are talking about. Something similar happened when the ACA limited the percentage of the billing that went to insurance administrative costs. Insurers said if they only get 17% of the pie then let's have a bigger pie (bigger total bill).
They already inflate the bills before the new laws came out. Some people got charged $200 a Tylenol pill.
So if I pay off my $555 collection bill I received it will be wiped off my record
I have a 170k medical bill and don't care about my credit score. What if I simply ignore it? Medicare A did cover $350k, but I didn't have medicare B (I do now).