Tips needed: How do you manage finances during a big medical event?

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Hi Colleen,
What a fantastic topic to discuss.
As I read posts from so many people, I sadly see how many people can't get the help they need because of financial reasons.
My daughter is a social worker who is working at a dialysis unit.
We have discussed how many patients either don't take their meds regularly because of the cost or do not go for regular treatments for the same reason.
It is part of her job, once she is aware of some of her patient's limitations, to look into options that can help.
When she was a hospice social worker (her passion), she did similar tasks....get housekeeping, rides, meds, financial help with household builds (gas, electric, rent/mortgage, car payments, etc.).

I personally have found that each year when my insurance is renewed, my plan might be changed a little (or a lot). Often, I will be told in advance, by the doctor's office what is USUALLY not covered. It is then up to me to call the insurance company to find out. I am now on Medicare and I have been told more that once, when checking on a procedure, etc., that they won't know the coverage until they get the bill from the doctor and the codes. They can only give me the USUAL answer. So, it is important that the doctor codes the bill appropriately.

As far as the organization of bills, I keep a folder where I keep all my paperwork related to a particular event. I keep everything including published materials given to my by a doctor or hospital. I also include bills, test results, notes, any questions I have gotten answers for and copies of ALL PAPERS I TURN IN. In addition, I keep a log with answers to questions and phone calls with a summary. I include a date, name of the organization, name of person(s) I speak with, what is said and a summary of the call with the conclusion and recommendations. I find it impossible to remember who said what about this and that.

Through my daughter, she has helped me help friends with issues. She suggests checking with local government agencies, first. Many have offices for seniors or disabled, etc. If that does not work, then try state and federal governments.

I hope this is what you were talking about.

Ronnie (GRANDMAr)

@grandmar ..,,,,..One thing I thought of is not to wait until the bill is due before calling & getting people’s names, etc. At that point, you’re already behind. Hope this is what you were referring to!!

@colleenyoung
In my Dad’s situation who was paralyzed, his physical medicine doctor in Phoenix told us that in the future there would be doctors who will claim future ailments won’t be connected to your Spinal Cord Injury, “Don’t believe them.” I didn’t and I fought them and won in court or arbitration every time, saving him tens of thousands of dollars. I spent lots of time in medical libraries doing computer searches etc but it was well worth the effort.
Jake

I feel so fortunate that we have not only medicare but also a great supplemental BCBS insurance policy. Still, managing the expenses vs. the payments can be horrific. I make a spreadsheet and recorded every single document I received from both medicare and BCBS. One of the problems is that sometimes they pay Mayo and sometimes they send me a check. I tabulated every document I received along with whether it was a direct pay or a check to me. Then, I put all the checks to me in a separate account - not my checking account - and I paid out of it as I was billed. It was a pain, but it allowed me to stay on top of all the financial activity.

My husband and I knew that we would be facing a possiblity of a lengthy stay away from home. So one thing that really helped us - was to have our son added as an accepted signature at our bank for transactions. We also gave him the basic instruction to make only the regular or minimum payments when there was an option to keep it as simple as possible.

Hi Ronnie, I particularly note your comments re organization of medical bills. I find that daunting! How do you deal with the fact that insurance reports which include what was paid out for several different medical conditions appears on the same page and so would need to go in several different folders. You make seeral different copies of that same page? It all sounds rather time consuming!

Barbara B.

@barbb

Good Morning,
I only organize bills for medical conditions that require several visits.
For example:
If I go to my PCP for a cold or yearly check up, I just put the bill in the folder.
If I go to my neurosurgeon and neurologist for my neuropathy, then those bills go into my NEUROPATHY folder.
If I get an insurance statement with several items on it, some of which are for the yearly check up, I just highlight those that refer to my NEUROPATHY.

Does this make sense????
Ronnie

I'm in HU D housing a senior independen living . I'm 79 years old and just got bill for 80,000. Which is about 50% of what I owe i talked to the social worker here and she got me approved for medicaid.

@colleenyoung This is a great topic! We don't often think about all the organization that's required when something serious happens. Because I see two specialists and they are 100 miles away from where I live [one way] I keep copies of all of my lab results done, no matter who orders them. I can provide those copies to any medical professional who may need them. I take a notebook to every appointment and write all of my vitals down. I have pre-populated that page with any questions that I have thought about ahead of time for any visit that I make to a medical professional. Organizing finances during a medical event is crucial. Having someone that you can enlist to help you is a great thing because you might miss something or you need a second set of eyes to look at things. If you have a spouse or partner, that works fine. If you have a child you can trust, that works fine. Or reach out to a good friend and ask for their assistance. Whoever does it has to be somebody that you can trust. Educate yourself on what your insurance will cover. Don't be afraid to contact them if you have any questions ahead of time. They are there to assist you; you pay your premiums and they work for you! Education is power so don't feel bad about questioning things.
Ginger