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This particular hospital charged the patient $19,000 a piece for two stents that has a wholesale price of $1,500. And in the bill is a charge for $990 for Sodium Chloride solution.
Outrageous medical billing is always a risk and one can wind up with no recourse but to pay if you have assets that can be attached. I know your primary home and IRAs cannot be touched in a judgement. Until the imbeciles in our Federal government outlaw balance billing this type of thing will go on (my take is there is a powerful insurance lobby there!).
If the above situation occurred you can't just declare bankruptcy like some other people as they will forcibly take your assets.
For those with significant assets in a non-protected vehicle such as a taxable brokerage, how are you protecting yourself from liability?
I recently had surgery and a 4 day hospital stay. Bill was over $300,000. I don't have insurance, instead I belong to a healthcare sharing ministry. Because I was self-pay and not insured, the hospital automatically adjusted my bill to less than $15,000 without me asking. I assume that is the amount they would get from Medicare/Medicaid/other insurance companies.
All the surgeons and labs also adjusted the bills. Everyone is now paid in full. The original bill was ridiculous. They shouldn't be allowed to pay these stupid billing games.
My wife and I were billed 250k for our combined 2 week stay for covid …our actual out of pockets were under 1k , maybe even under 500 including ambulances and out patient charges once we were released…we have Medicare and high deductible supplement
Healthcare and RX costs have spiraled out-of-control on the back of specious claims that hospitals and medical institutions must protect themselves from non-payers. In response, they have elevated billed costs far above any reasonable claim of recouping bad debt. Of course, this also gives the medical industry huge tax write-offs.
Instead of continuing to promote government healthcare insurance as the sole solution, the politicians should honestly do something about reigning in rising pharmaceutical and medical costs. The medical industry, like every other industry, makes an informed investment in R&D with a profit objective. The difference is that the medical industry believes any and all R&D costs should be considered altruistic with no element of risk or failed investment costs to them.
A single payer, socialized medicine system would solve the problem.
Any industry that dramatically inflates invoices with the intent of dramatically discounting them has problems. It is insane that people without health insurance are charged much more than people with health insurance (including insurance company portion), yet get automatic discounts, which still drive many into bankruptcy.
To answer the OP, I have good health insurance, so that is the primary way I protect my assets.
This particular hospital charged the patient $19,000 a piece for two stents that has a wholesale price of $1,500. And in the bill is a charge for $990 for Sodium Chloride solution.
Outrageous medical billing is always a risk and one can wind up with no recourse but to pay if you have assets that can be attached. I know your primary home and IRAs cannot be touched in a judgement. Until the imbeciles in our Federal government outlaw balance billing this type of thing will go on (my take is there is a powerful insurance lobby there!).
If the above situation occurred you can't just declare bankruptcy like some other people as they will forcibly take your assets.
For those with significant assets in a non-protected vehicle such as a taxable brokerage, how are you protecting yourself from liability?
Anuities also in some states.
Primary home does not have 100% in many states probably most.
I think we pay about 380 a year for a million in coverage in a travelers liability umbrella
Why not more?
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