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Drake Bloebaum Mortgage Professional Neo Home Loans Phone: 801-893-0452 License: NMLS 225567 CA-DOC 225567 drakeb@neohomeloans.com www.drakebloebaum.com |
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July 2013
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New Online Tool Reveals What Hospitals Charge Consumers can now look up average prices for 100 common services at hospitals across the country. By Cameron Huddleston, Kiplinger.com "Consumers never had this information before," says Christina LaMontagne, vice president of health for NerdWallet. "You went to the hospital with a blindfold on." NerdWallet's data are based on a study by the Centers for Medicare and Medicaid Services (CMS). The tool not only shows what hospitals charge but also the average amount the government's Medicare program pays those hospitals for each of the 100 procedures. LaMontagne says that there are several ways that people can benefit from this information. People who are uninsured or underinsured might benefit most from being able to find out which nearby hospital charges the least for a procedure they need and will have to pay for out of pocket. They also can use the price data to negotiate lower charges for services they receive. For each procedure, the tool shows the number of patient cases at all of the hospitals. So if you're concerned that the procedure you need has only been performed a few times at the lowest-priced hospital in your area, you still can go into a pricier facility armed with rate information that you can use to get that hospital to lower its price. The information about what Medicare pays for services also can be a powerful bargaining tool. To learn how to negotiate a lower price, see Bargain With Hospitals to Slash Bills. Those who have health insurance policies with high deductibles or co-insurance, which requires policyholders to pay a percentage of their bills, also can use the price information to find the most affordable hospital. The lower the cost of a procedure, the less they, too, will have to pay. Remember, however, that the rates listed on the NerdWallet tool are what hospitals charge on average. Your insurer likely has negotiated prices with network providers that might be lower than the average rate a hospital charges. But it's still worthwhile to comparison shop and use the NerdWallet rate information to negotiate the best price. Reprinted with permission. All Contents ©2013 The Kiplinger Washington Editors. Kiplinger.com. | ||||||||||||||||||||||||||||||
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