Latest / Bill of Health / You Don’t Need to Be a Healthcare Expert to Stop Overpaying (Bill of Health Ep.5)

Transcript

You Don’t Need to Be a Healthcare Expert to Stop Overpaying (Bill of Health Ep.5) · Bill of Health

• 0:05
  Healthcare consumer.
• 0:07
  What is that?
• 0:07
  And why does this Bill person on this podcast thing keep talking
• 0:13
  about healthcare consumer?
• 0:17
  That guy, Bill, on the Bill of Health podcast, the one that's
• 0:20
  sweeping the nation, he does use that term a lot, doesn't he?
• 0:23
  Does he expect me to have a college-level degree in hospital and medical billing?
• 0:27
  Does he think I have time to read books and become certified in CPT
• 0:31
  codes or chargemaster rates, insurance contracts, payouts, cash pay discounts?
• 0:36
  This guy can't possibly think I have the will, the skill, or the time to
• 0:40
  take on additional projects, can he?
• 0:50
  Hey, friends.
• 0:51
  It's me, Bill, Fire The Health Insurance Guy.
• 0:52
  To answer your question directly, no, no, no, I absolutely do not think you
• 0:57
  need an advanced degree in hospital administration, medical billing,
• 1:00
  training, or certifications or anything else other than a desire to get the
• 1:03
  most out of your health insurance and not break the bank doing it.
• 1:07
  Being a healthcare consumer isn't that difficult, so let's talk about it.
• 1:11
  Let's talk about what it really means to be a healthcare consumer.
• 1:16
  Friends, I've been putting a lot of thought into this program and this
• 1:18
  podcast and this mission of mine.
• 1:21
  How can I help people discover ways to shop smarter and to be smarter
• 1:24
  about their health insurance and the money that comes out of their pocket?
• 1:27
  I get really excited about the subject matter and the guests that
• 1:30
  we're gonna bring on, that I've kind of forgotten something fundamental,
• 1:33
  that at the heart of every episode, there is an earnest desire, a true,
• 1:38
  true desire to reach consumers of health insurance: the self-employed
• 1:43
  individual, the business owner, and most importantly, the employee using his or
• 1:47
  her employer's health insurance plan.
• 1:49
  However, I really never put much thought into how difficult it might
• 1:53
  be for everyday folks to implement the tips and tricks provided.
• 1:57
  You know, for many of us, until recently, myself included, I showed up at the
• 2:00
  doctor or the hospital, I showed them my insurance card, and then I hoped the
• 2:04
  bill wouldn't be too bad in the end.
• 2:06
  And for some of you listening, you may be thinking that's all that you
• 2:08
  have time or the inclination for.
• 2:11
  Between running your life and running your family's life, navigating careers,
• 2:15
  bills, education, households, all those things, many of you are at the point
• 2:18
  where the thought of adding something unfamiliar or complicated is an absolutely
• 2:22
  no-go right from the very start And I say one hundred percent amen to that.
• 2:28
  I get it.
• 2:29
  I've lived it.
• 2:30
  I completely understand.
• 2:31
  My wish for all of us is to be smarter healthcare consumers and
• 2:35
  smarter about how we protect our wealth when we use health insurance.
• 2:39
  And to do that, I want you to become smarter.
• 2:42
  What I don't want for you to do is to ever think that this ask, this becoming
• 2:47
  smarter, is more than the possible benefit that you can get out of it.
• 2:51
  I also need you to know that the current insurance landscape, overall prices,
• 2:55
  the dysfunction in our healthcare system, are creating an ever-increasing
• 2:59
  need for folks like you and me to be smarter and to be a bit more savvy.
• 3:04
  But you're not alone, and I'm not asking you to do too much.
• 3:07
  The steps to take to become a smarter consumer are not gonna
• 3:10
  add to your already hectic lives.
• 3:13
  Regardless of your education or socioeconomic background, anyone can
• 3:16
  follow these easy-to-use tips and tricks that this podcast will provide.
• 3:21
  I promise you that.
• 3:22
  All right, but how, Bill?
• 3:24
  How?
• 3:25
  How do we break our years and years of programming and maybe the
• 3:28
  uncertainty and the fear of behaving differently when it comes to healthcare
• 3:31
  and health insurance and what we do at the doctor or the hospital?
• 3:34
  How do we do it?
• 3:35
  Well, listening to this podcast is a great first step.
• 3:39
  I'm really trying to build a community here of engaged consumers
• 3:42
  and passing along things that have worked for them and others, and
• 3:46
  passing along roadblocks to avoid.
• 3:48
  So just keep tuning in.
• 3:49
  Subscribe and follow along.
• 3:50
  We are absolutely in this together.
• 3:53
  Number two, remember, remember, remember, my friends, the price
• 3:56
  you see on the sticker is probably not the price you'll be paying.
• 4:01
  It's all negotiation, and negotiation that does not have to be and will
• 4:06
  not be confrontational or difficult.
• 4:10
  Everything is subject to negotiation.
• 4:12
  Do not pay that bill unless you've looked at it or maybe negotiated a cash pay
• 4:17
  or a prompt pay discount or something we'll talk about in other times.
• 4:21
  Remember, the price you see on the sticker is not the price you pay.
• 4:24
  Number three, we have to embrace the concept of shopping.
• 4:28
  Hey, just like you do for a lot of things in your day-to-day life,
• 4:30
  the price at your local hospital or regional hospital, the charge for
• 4:34
  procedure X or Y is not the only option.
• 4:36
  It's maybe a convenient one, maybe a no-brainer, but there are far too many
• 4:40
  easy-to-use tools out there to help you navigate shopping for your healthcare.
• 4:45
  It's not hard.
• 4:46
  It's not complicated.
• 4:47
  They're very easy, consumer-friendly, app-friendly, electronic-friendly
• 4:51
  tools that you can use every day, and we're gonna highlight those
• 4:53
  tools for you right here on the pod.
• 4:56
  In addition, let's have an honest talk about your deductible and
• 5:00
  why you're probably already a cash pay patient anyway.
• 5:03
  You just didn't know it.
• 5:05
  Don't be afraid to shop around.
• 5:07
  Folks, are you facing a high five-digit or six-digit medical bill
• 5:11
  right now and it looks impossible?
• 5:13
  Maybe you're at the point of giving up and throwing in the towel.
• 5:16
  Well, don't.
• 5:16
  Don't, don't, don't.
• 5:17
  There are advocacy firms and bill negotiation firms that will have a look
• 5:20
  at your situation and help you correct duplicate billing or incorrect billing
• 5:25
  and help negotiate those costs for you.
• 5:27
  It could save you thousands of dollars, literally, no joke, thousands of dollars.
• 5:32
  We'll absolutely be highlighting those firms on this podcast.
• 5:36
  And for those considering options to traditional insurance, for example,
• 5:40
  exploring a health share, I'm gonna have multiple episodes on this podcast
• 5:43
  about health shares, how they work, the resources they have to help you negotiate
• 5:48
  bills, to help you make sure your bills are accurate, and most importantly, how
• 5:52
  to navigate life as a cash pay patient.
• 5:55
  The community I spoke of earlier, it'll be so useful here.
• 5:59
  Useful to me as well.
• 6:00
  I'm a health share member, so if you're in a health share, trust me when I
• 6:04
  tell you this, you are not alone.
• 6:08
  This is gonna be a great community, and we're gonna get a lot out of it.
• 6:11
  Okay, my friends, it's time to open up the Jargon Jar.
• 6:15
  This is where we take the confusing, the intentionally muddy language
• 6:19
  of the insurance industry, and we translate it into plain English.
• 6:23
  Today's jargon, something I've talked about before.
• 6:26
  You've heard it.
• 6:27
  You just don't know what it is.
• 6:28
  It's the chargemaster rate or the hospital retail price Think of
• 6:33
  the hospital chargemaster like a furniture store that puts $10,000
• 6:36
  price tag on a standard wooden chair.
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  If you walk in off the street with no plan, no negotiation, they hand you that
• 6:43
  bill and expect you to pay 10 grand.
• 6:45
  But nobody, and I mean nobody actually pays that.
• 6:49
  The insurance company walks in and says, "Well, I know the price tag says 10,000.
• 6:54
  We'll give you 1,000." And the hospital says, "Deal." The
• 6:57
  chargemaster isn't a price list.
• 6:59
  It's fiction.
• 7:00
  It's an inflated starting bid designed so that insurance companies
• 7:03
  can look like heroes when they negotiate a massive 90% discount.
• 7:07
  The tragedy is that uninsured folks or people with high deductibles are
• 7:10
  sometimes the only ones who get stuck actually looking at that $10,000 chair.
• 7:16
  Health shares, cash pay models, smarter healthcare consumers that are negotiating
• 7:21
  those things and absolutely changing the game with those negotiations
• 7:24
  can be looking at serious, serious, serious significant discounts that
• 7:29
  total into the thousands just by scrutinizing bills or using the services
• 7:33
  that are readily available to you.
• 7:35
  Chargemaster rates, it's the sticker price, friends.
• 7:37
  We don't pay sticker.
• 7:39
  We never pay sticker.
• 7:41
  Don't pay sticker.
• 7:43
  All right, my friends, I'm not asking for healthcare consumer crusaders.
• 7:47
  You don't have to be an expert at anything.
• 7:50
  I don't want you to feel like I'm asking you to wrestle with a hungry tiger.
• 7:54
  There are simple tips and tricks and tools and techniques we can all successfully
• 7:58
  implement into our daily lives that will mean tremendous savings and peace of mind.
• 8:03
  We can do it, and the community we're gonna build here together
• 8:07
  will help us every step of the way.
• 8:10
  All right, my friends, hit that subscribe button right now
• 8:12
  so you never miss an episode.
• 8:13
  Do me a favor and review the pod.
• 8:15
  It helps us get out to even more people.
• 8:17
  For real time tips, price shopping strategies, and content breakdowns,
• 8:20
  find, follow our social channels on Instagram and TikTok, Bill
• 8:23
  Phi, the Health Insurance Guy.
• 8:24
  We're also on YouTube, so you can catch us over there as well.
• 8:28
  Hey, I'll say a special thanks to all the folks behind the scenes
• 8:30
  helping bring this podcast to life, and a special thanks to you, my
• 8:33
  friends, for tuning in and listening.
• 8:36
  Be smart, shop smart, protect your wealth, and we'll see you next time
• 8:48
  This podcast is provided for educational purposes only and
• 8:50
  should not be considered legal, tax, investment, or insurance advice.
• 8:52
  Individual circumstances vary, and the listener should consult qualified
• 8:54
  professionals regarding their specific healthcare and financial situation.
• 8:56
  Opinions expressed are those of the host and guests and do not necessarily
• 8:58
  reflect the views of any insurance carrier or affiliated organization