Financial Experts Give Advice on Lowering Medical Expenses
WHITFIELD: The number one issues in American homes, getting your financial house in order. Today in our weekly financial fix we are talking about how to negotiate your medical bills. Daria and Ken Dolan join us now from West Palm Beach. Good to see you. It has been way too long.</s>KEN DOLAN, PERSONAL FINANCE EXPERT: Hi, Fred.</s>DARIA DOLAN, PERSONAL FINANCE EXPERT: Fred, how are you?</s>WHITFIELD: I am doing great. Great to have you all back. I had no idea your medical costs could be negotiable. In what way, to what degree?</s>DARIA DOLAN: To the degree that 40 percent of the roughly 15 percent of Americans who have the nerve to stand up to their doctor or a hospital and say, can we do better on this bill, 40 percent of them get a reduction in the price of the medical procedure.</s>WHITFIELD: You have to ask.</s>KEN DOLAN: Yes. It is high. It is important for our viewers to understand these little tips talk both for people that have no health insurance, people who have high health insurance deductibles they have to pay before that, and people who are going into procedures that are either not covered by their insurance company or partially covered. But you know, this segment should be titled, "No guts, no glory." All you can do is ask.</s>WHITFIELD: So once you ask, might you have a little leverage if you say, I'm going to pay cash, what my health care provider is not covering? I am going to pay cash and maybe you get an additional discount, or does it matter how you are going to try to resolve that?</s>DARIA DOLAN: If you talk to any doctor or hospital, what's the biggest problem they have? Waiting for the insurance company.</s>KEN DOLAN: Medicare, Medicaid.</s>DARIA DOLAN: -- the Medicaid to pay them, Medicare to pay them. So as in every other phase of our lives, cash is king. It could result in as much as a 50 percent discount. I'm not guaranteeing that, but that's how important it is.</s>WHITFIELD: You are talking about the stuff that or the bill that you would get after your provider has covered all these things, because if you are getting a $50,000 procedure and you have insurance or Medicare is going to cover it you are not going to try and cover that first because, a, you don't have it.</s>DARIA DOLAN: Exactly. But you could also be having a $50,000 necessary procedure and have no insurance whatsoever.</s>KEN DOLAN: You know what you want to do, Fred. The first thing to do is go to healthcarebluebook.com. That's what the insurance company is expected to pay for a particular procedure. To get a rough idea, getting an idea of what's the invoice of a new car. I talked to our family doctor today. He encourages people paying cash and, as Daria says, as much as a 50 percent discount. Most people don't realize that most providers have programs, they don't tell you, for people to get discounts who are financially unable to pay or can't pay everything. The program is in place. You just have to ask. Who knew there was a blue book for medical procedures?</s>KEN DOLAN: Health care blue book.</s>DARIA DOLAN: It gives you an idea of what to ask so you are not way out in left field really trying to get a low ball price on something. Then, if you get that, Fred, it is very important that you get it in writing, because you want to have proof so that somewhere down the line some office manager doesn't look at this --</s>KEN DOLAN: Or billing manager.</s>DARIA DOLAN: -- and say, oh, my goodness, this person owes us a whole lot of money and sends it off to collection.</s>WHITFIELD: Sometimes you get a bill from your doctor and it is a surprise to you that come to find out there is still a bill that you are incurring even after your insurance may have weighed in and you still need help paying for it. You say you should be able to ask for some sort of payment plan.</s>KEN DOLAN: Yes, absolutely. You want to talk to the billing manager. Most doctors and a lot of providers have billing managers. They don't do it in the office. What you want to do as sort of a last report, Fred, is ask for a payment plan that makes sense to you. Don't agree to something that you simply can't pay to shut him up for a month or two, because if you don't pay, it is going to go to collections and you are going to be worse off if you hadn't done it in the first place. So a payment plan that works. No guts, no glory.</s>DARIA DOLAN: Also in writing, everything in writing so you can keep it straight.</s>KEN DOLAN: You have nothing to lose, especially nowadays with money so tight.</s>WHITFIELD: Fantastic. It is always good to see you all. I have missed you.</s>KEN DOLAN: Thank you, Fred. We missed you too, Fred.</s>DARIA DOLAN: Ken and Daria Dolan. I know you want to hear more. You can actually sign up for a free weekly e-letter from them by going to www.dolans.com/signup. World Food Day is Sunday. Actress and singer Christina Aguilera is on a personal mission to combat hunger. She traveled to Haiti and Guatemala with the World Food Program to impact your world.</s>CHRISTINA AGUILERA, SINGER: Hi, I'm Christina Aguilera, and we can make an impact on world hunger. After I had my son, Max, I realized this was a huge issue. I went on a trip to Guatemala with World Food Program and seeing these women and children living in these dirt huts that have nothing. It is just so crucial and vital for these people to get nutrition. Haiti was devastating because of the earthquake. I got to meet so many young people that were so eager to learn. You would see their faces light up. Every child deserves the chance to dream and hope. Join the movement "Impact your World." Go to CNN.com/impact.</s>WHITFIELD: To help the country, logon to CNN.com/impact. American troops ordered to central Africa. They have got a specific mission and specific people employed to help track them down.