14% interest on hospital bills?

[49erinnc]

WTH? I haven't had any hospital procedures in a while so maybe I'm just out of the loop. But after a pretty expensive, recent surgery, I'm just now being billed. And apparently, the hospital now goes through a finance company. If you pay the balance in full within 10 days, you get 20% knocked off. Otherwise, it's a minimum due payment each month with 14% interest. Damn, what happened to the good old days of just being able to send what you could each month for medical bills until it was paid in full?

I guess this is there way of preventing people from paying $10/month on a $30K balance so they get their money faster but 14% is a bit extreme IMO. Anyone else paying interest on medical bills or interest that high?

 

[fbrdphreak]

Health insurance FTW!

 

[FoBoT]

inflation in the health care area has been HUGE for a couple of decades now

now you know why (partially)

 

[Deleted member 4644]

Shameful.

 

[woowoo]

Best thing to do is get a low intrest loan and make the early payment.
If you call I bet it would be 30% off...

 

[49erinnc]

Originally posted by: fbrdphreak
Health insurance FTW!

Got a decent plan through work but it still only pays 80% of my surgery. And if you have a pretty expensive surgery, that additional 20% can be rather hefty. Not to mention, I had to cough up my $1K deductible as well.

I tend to agree with woowoo in that I'm probably better off taking out a loan through my credit union with a lower interest rate and getting the discount. Only downside to that is that the monthly payments will be significantly higher on a personal loan through the bank.

Just seems crazy to stick patients with that high of an interest rate when health insurance is already so costly. If it were around 5%, I could justify it a lot more. Seems unfair for your medical bill interest rate to be higher than many credit card rates. Maybe that's another reason they jacked it to 14%. They may figure most people will just opt to pay it all off with a loan or with a credit card to get a better rate.

 

[chambersc]

so is it 14% per month extra or is it 14% of the 30k (for example) added to the principle? if the latter...meh, it's just the cause of doing business. if the former .....

 

[KK]

Originally posted by: FoBoT
inflation in the health care area has been HUGE for a couple of decades now

now you know why (partially)

 

[bobdelt]

Originally posted by: FoBoT
inflation in the health care area has been HUGE for a couple of decades now

now you know why (partially)

Huh? They charge high interest and thats why health care costs are increasing?

 

[bobdelt]

Originally posted by: chambersc
so is it 14% per month extra or is it 14% of the 30k (for example) added to the principle? if the latter...meh, it's just the cause of doing business. if the former .....

Interest rates are always yearly.

 

[MisterJackson]

Two words: Illegal Immigrants.


They get free medical care and are not gone after for the $$. H3ll, how can you collect $$ from someone with no SSN.


Puts on flame suit.

 

[crystal]

20% off is great. Borrow a loan at 6.5% interest and pay that bill. Then you have a few years to pay off your loans before it breaks even.

 

[cyclistca]

Not in Canada.

 

[DeadByDawn]

I always put mine on payment plan, they don't charge any interest.

 

[OVERKILL]

welcome to the wonderful world of the healthcare scam.

Money is more important that the actual health of people.

Sad, isn't it.

 

[spidey07]

Originally posted by: OVERKILL
welcome to the wonderful world of the healthcare scam.

Money is more important that the actual health of people.

Sad, isn't it.

please, OP has an out of pocket maximum and it's probably only 2000 bucks so it's not like it's a lot of money.

 

[altonb1]

Originally posted by: spidey07

Originally posted by: OVERKILL
welcome to the wonderful world of the healthcare scam.

Money is more important that the actual health of people.

Sad, isn't it.

please, OP has an out of pocket maximum and it's probably only 2000 bucks so it's not like it's a lot of money.

How do you know what his out of pocket maximum is?

 

[NanoStuff]

For major healthcare-related issues you should travel overseas. There's no shortage of places with skilled surgeons that are willing to get the job done for 10% of what you would normally pay. Drugs and other medical care is much cheaper too.

 

[spidey07]

I don't. But every plan I've ever had was a 2000 out of pocket maximum.

 

[Vette73]

Originally posted by: fbrdphreak
Health insurance FTW!

Actually they are the reason why health care is so high. Insurance never pays what they should they have "deals" with care providers. But that just means they have to raise their fees and what not to those that do have to pay. So even though they bill at $1000 and the person has to pay 20% of bill. Chances are the insurance company has a deal that they only have to pay $500 maybe even less. It could be that $200 the person has to pay covers almost all of the REAL bill.
So in the end the people that get hurt the most are those without insurance and the goverment that picks up the tab for those that can;t pay. Of course that money comes from tax payers.

And health care providers can;t complain as they will be dropped by the insurance company and not get any of their people that are covered. I think Blue cross dropped Dukes ER from their insurance as they would not lower their bills for Blue Cross. Not sure if they have made up or not.

Insurance companies are the problem not doctors, lawyers, etc...

 

[Scarpozzi]

That sounds to me like you'd be better off getting a second mortgage on your home... It's ridiculous that they hospital is giving up their bills to a finance company....you know they're making a killing off that.

 

[woowoo]

Originally posted by: Scarpozzi
That sounds to me like you'd be better off getting a second mortgage on your home....

Why would you want to secure the debt with your home?
It is unsecured now.



You may want to do a 0% balance transfer to a paid off credit card.
(Overpayment)
Then pay the hospital with that.....

 

[JeffreyLebowski]

Just remember, next time you go to a hospital don't speak English and don't carry ID. Have a friend go with you and "translate" through them. Problem solved. If the illigals can get away with it why can't the legal American citizens do it?

 

[Queasy]

Wow. Even with pretty good insurance, my wife and I still had bills for her weeks in the hospital and my son's weeks in the NICU. Never was charged interest.

Do they let you know of this ahead of time?

 

[jagec]

Originally posted by: NanoStuff
For major healthcare-related issues you should travel overseas. There's no shortage of places with skilled surgeons that are willing to get the job done for 10% of what you would normally pay. Drugs and other medical care is much cheaper too.

QFT. For something like brain surgery, I might prefer to get it done here, or of course for sudden accidents where you don't have a choice, but for any surgery that you can plan ahead, overseas is the way to go.