Medical Bills: 5 Things You Might Not Know

What you don’t know about medical bills can cost you both in terms of money and frustration. There can be some unpleasant side effects from your medical care if you’re not aware of these billing pitfalls. Yes, of course, your medical providers deserve to be paid fairly. However, I don’t want you to overpay your medical bills because of confusion or lack of knowledge.

Here are 5 Things You Might Not Know About Medical Bills

#1 – You shouldn’t pay a dime beyond your co-pay at the time of service.

If you have insurance, you shouldn’t pay anything at the time of your medical service, other than your co-pay. You want to wait until you receive your “Explanation of Benefits” (EOB) from your insurance company.

Why? The EOB will show the detail of what the medical provider charged, what the insurance paid on your behalf, and most importantly, your financial responsibility. When you receive a bill from the medical provider, you want to ensure that the amount they are charging you matches the “your responsibility” on your EOB from the insurance company.

The one exception to this? If you have a high-deductible plan and have NOT met your deductible for the current year yet. If you're going in for any non-preventative care, ask your doctor's office for an estimate of what you'll be responsible to pay at the time of the visit.

 

#2 – Medical bills have an interest rate of 0%, so don’t put them on your credit card.

Don’t let the medical facility pressure you into paying your bill with a credit card. If you can’t pay the bill in full within 30 days, send them a partial payment. Most hospitals and doctors’ offices are agreeable to setting up a payment plan for you. Just make sure you pay them something each and every month.

If you go several months without paying anything towards your outstanding bill, there’s a chance your provider will send the bill to a collection agency. If you want to earn your rewards points AND you plan on paying your credit card bill in full at the end of the month, swipe away.

 

#3 – You might be eligible for an income-based reduction of your bill.

 Depending on your income, you might be eligible for a reduction of your medical bill. When my mother-in-law received treatment for her bladder cancer, her income consisted of social security and a very small teacher’s pension. Because of this, the hospital reduced many of her treatment bills by 90% or more. Almost every major medical facility has a financial aid department. The staff will help you determine if you qualify for this assistance. It never hurts to ask!

 

#4 – Your medical bills are NOT a part of your credit report or credit score. Unless…

You fail to make timely payments and they’re turned over to a collection agency. (This is why it’s SO important to pay something on each of your medical bills monthly.) Experian and the other credit reporting agencies don’t even show these medical bills on your credit report until they are 180 days or more past due.

 

#5 – The vast majority of hospital bills contain one or more errors.

The stats vary from 30% to 80% of hospital bills containing at least one error. These errors can range from a hospital employee typing in the wrong billing code to including services, medications, or medical devices you never received. It’s important that you ask for a detailed statement for your hospital stay and ensure its correct. You want to make sure that you and your insurance company are not billed for something you didn’t get. And incorrect billing codes could cause your insurance company to deny payment on something they should be covering. Address issues as soon as you find them, so these medical bills are fixed promptly.

How financially healthy are you?

Better TV Over the Airwaves

Get improved picture and sound with new broadcast signals.

Thirteen years ago, people who relied on antennas over cable or satellite receivers marveled at the clarity of high-definition television broadcasts. Since then, there haven't been a lot of improvements. That's about to change, with the introduction of ATSC 3.0, better known as Nextgen TV, a new broadcast standard that could once again revolutionize out TV sets.

What's NextGen TV? It will bring higher quality 4K video and clearer Dolby audio. The technology can also deliver television to your phone, tablet or car assuming the manufacturer of that device allows it.

What else can NextGen TV do? It is also designed for interactivity. Imagine being able to push a button on your remote for a map of where a news event is happening or to access more interviews on a topic.

Does it require special equipment? No new antenna needed, but you may need a newer TV. Look for Nextgen TV logo on the box at the store. Or connect a NextGen TV turner (under $300) to an older TV.

What programs will benefit? Movies in particular should look better. Many feature films are shot in the highest resolution and 4K video should allow them to maintain that picture quality on televisions.TV

Will I still be able to watch TV using my older TV set? Yes. Stations are required to continue broadcasting HDTV even if they adopt NextGen TV, meaning no one's over-the-air set will be useless.

Will I be able to watch on my phone? This technology is designed with phones and tablets in mind, but device manufacturers need to include tuners and antennas in the devices. So far, none have.

Best TV Antenna for 2022 - Installing an over-the-air antenna is one of the easiest ways to get free TV.

- Doug Myrick

Preparing for a Hurricane

We are in the midst of hurricane season, and whether you live

in a vulnerable area or are just planning to vacation or travel to one, it is important to be informed for your family's welfare.  Be alert to hurricane notices and get prepared to weather the storm.

The Atlantic hurricane season lasts from June to November, with the peak season from mid-August to late October. The Eastern Pacific hurricane season begins May 15 and ends November 30.

Protecting you, your family and your property is important to us, and we want you to be prepared if a hurricane comes your way.  The following information and much more can be reviewed in detail on FEMA's site.  But we've included their fifteen-point protection plan below. 

To prepare for a hurricane, you should take the following measures:

• Build an emergency kit that will meet your family & pet needs for at least 72 hours
• Make a family communications plan that includes where you are going to meet if you can't go home

Know your surroundings:

• Learn the elevation level of your property and whether the land is flood-prone. This will help you know how your property will be affected when storm surge or tidal flooding are forecast.
• Identify levees and dams in your area and determine whether they pose a hazard to you.
• Learn community hurricane evacuation routes and how to find higher ground.
• Determine where you would go and how you would get there if you needed to evacuate.

Make plans to secure your property:

•  Cover all of your home’s windows. Permanent storm shutters offer the best protection for windows. A second option is to board up windows with 5/8” marine plywood, cut to fit and ready to install. Tape does not prevent windows from breaking.
• Install straps or additional clips to securely fasten your roof to the frame structure. This will reduce roof damage.
• Be sure trees and shrubs around your home are well trimmed so they are more wind resistant.
• Clear loose and clogged rain gutters and downspouts.
• Reinforce your garage doors; if wind enters a garage it can cause dangerous and expensive structural damage.
• Plan to bring in all outdoor furniture, decorations, garbage cans and anything else that is not tied down.
• If you own a boat, determine how and where to secure it.
• If feasible, install a generator for emergencies.
• If you are in a high-rise building, be prepared to take shelter on or below the 10th floor.

Hurricanes cause heavy rains that can create extensive flood damage in coastal and inland areas.  Everyone is at risk and should consider flood insurance protection. 

Flood insurance is the only way to financially protect your property or business from flood damage. If you haven't already done so, you can learn more about your flooding risk and how to protect yourself and your business, by calling our office at 844.741.DOUG.

Your friendly agent at Insurance Policy Centres,

Homeowners Underinsured Due to Rising Inflation: APCIA

A survey by American Property Casualty Insurance Association (APCIA) found that most homeowners have not taken the necessary steps to insure their insurance coverage keeps pace with rising inflation and increased building costs. This survey that included 1000 homeowners with home insurance highlights the risks of being underinsured if catastrophe strikes!   

APCIA’s survey also revealed that 64% of homeowners are unsure or believe that their coverage limits are based on the real estate market value rather than rebuild costs. Another survey by the Harris Poll found that only 30% of homeowners with insurance have purchased more insurance or increased their coverage to account for rising building costs. Less than 40% of the insured homeowners who completed renovations or remodels during the pandemic had updated their insurance to include those changes.  

U.S insurers paid out a record-breaking $176 billion for natural catastrophe claims in 2020 and 2021, making it the highest total during those two years periods of time as well!  

Inflation, recent supply chain issues, and increased demand for skilled labor and construction materials following unprecedented natural disasters in the last two years have recently contributed to a significant increase in the costs of rebuilding homes and businesses. The cost of construction materials also has increased by 44% from 2019 to December 2021. This has resulted in longer rebuilding time and staggering high prices.  

Add A Few Features To Stay Prepared 

APCIA suggests adding a few coverage features to avoid surprises during the recovery process following a natural disaster:  

• Additional Living Expenses coverage can help cover hotel costs, food, and other necessary items like medical equipment if it takes longer than expected for your home reconstruction project’s timeline!  
• Extended replacement cost coverage means that your policy will increase to cover rebuilding costs when labor and material expenses skyrocket due to natural disasters.  
• Replacement cost coverage pays for your home and property when an emergency forces you out, like a natural disaster or fire. The company will pay up so that they can build it again from scratch – all without taking away any of its value in depreciation!  
• Automatic Inflation Guard protects you from rising healthcare costs by automatically adjusting your coverage amount at each renewal. However, during periods of extreme market stress, it remains essential to review these limits as they may change drastically!  
• The best protection against costly fines and penalties is ensuring your home meets all local codes. Building Code coverage helps ensure that you comply with any new regulations, which could save both time and money on unnecessary repairs or replacements!  

APCIA also suggests you make an inventory of all your home’s contents. If any disaster or unexpected event arises, you can swiftly account for all your property and report the losses to your losses. You can always use your smartphone to take photos or videos for the inventory. Many insurers also know free tools that can help you in this process. Whatever route you take for inventory creation, save everything to a safe, accessible place like the cloud. 

- Doug Myrick

Like a Light in the Dark

Take a minute out to watch this great video about living benefits. It's a powerful story about the impact we can have on clients.

“Like a light in the dark.” on Vimeo

Brutally attacked at her place of employment as she pulled into work one Monday morning, Heilyn Hernandez Pages was doused in gasoline and set on fire. The attack left her with severe burns covering the majority of her body. Heilyn’s miraculous road to recovery would prove to be a costly one, requiring multiple graft surgeries and occupational therapy to regain full mobility. She was unable to work while in the hospital, and her income dropped to zero.

10 TRAITS OF EFFECTIVE TEAMS

Across the globe, whether it is a work team, sports team, or non-profit team, there is something very special about a group of people that come together, bring their best self, and encourage and inspire others to be better every day.

Over the past 50 years, I’ve had the opportunity to work with a variety of teams and I’ve learned how important it is to love what you do, where you work, and with whom you work. When you have those 3 things, it is magical! It is also highly likely that you are part of a highly effective team.

What are the key ingredients that create an effective team? Is it working for a great company, hiring the right skills for the position, having a well-defined process so everyone knows what to expect? There are so many things that go into creating an effective team. If you currently have an effective team, you know it is special and rare. Be sure to nurture it at every angle.

If you’re looking to build an effective team, here are 10 things to consider:

EXPECTATIONS

It is important to have your standard operating procedures (SOP) documented and understood by the team. For example, what you do and don’t do, how you do it, when you do it, why you do it, and clarity around who does it. Clear expectations keep everyone on the same page. When expectations are documented, communicated, and followed, it makes onboarding new staff easier, aids performance discussions, and allows the team to self-regulate.

HIRING

Building an effective team starts in the hiring process. Hiring the best individual for the position is a critical factor for the team and your bottom line.

Never settle for a candidate because you need to fill a position. Your goal should always be to find a candidate that raises the effectiveness of your team. Include expectations in the job description. Provide as much information about the position and expectations upfront so the candidate has a good sense of how the team operates. Consider including a team video in the job posting to highlight what the team does, how they operate, and the team culture. Interview questions should help you gather information on the candidate and give them more information about how the team operates.

ONBOARDING

Onboarding is a critical function for team performance. You never get a second chance to make a good first impression. Be ready for your new hire. Equipment, training, and documentation should all be ready when they start.

If you want your new candidate to perform at their best, be sure to show them the best. You set the tone. Provide the candidate with their orientation and onboarding expectations. Have the team give them a warm welcome.

MENTOR

Having a friendly peer to go to increases a new hire’s engagement on the team and impacts team effectiveness. Assign a mentor for new hires on their first day. The new hire should understand when to go to their mentor, their manager, or their team for assistance. Mentor training is also important to set expectations and ensure the mentor has the skills needed to be an effective mentor to the new hires.

TEAM DYNAMIC

Nothing kills a team’s momentum quicker than an ineffective teammate. Team members that come in late, do the bare minimum, don’t communicate with the team, and take excessive breaks will negatively impact a team’s effectiveness.

Ask the team what is important to them. What do they expect of each other? Collect their feedback and consolidate their feedback anonymously and share it with the team as an opportunity for team discussion. Include the feedback in your team’s operating procedures. When a team defines what’s important to them, they will be more likely to embrace and nurture it.

LEADERSHIP

When you think about great leadership, what comes to mind? Who are the best leaders in your life? Why are they the best? Leaders are typically people we admire and aspire to be. Encourage everyone on the team to be a leader. Discuss and define the difference between leadership and management. Leadership is a skillset, with many traits that can be enhanced through discussion, encouragement, and training. When leadership is not a position, it allows everyone to step up, self-manage, and build an effective team of leaders.

CONTINUOUS IMPROVEMENT

Teams that embrace continuous improvement naturally look for ways to make things better. Growth keeps things fresh and encourages engagement. Change doesn’t have to be because something is broken. Rather, change should happen when we have the knowledge and experience to do something better.

COLLABORATION

Make collaboration a priority. Understand that collaboration is different from communication. Communication is typically one-sided or meant to share information. True collaboration encourages discussion. It creates an atmosphere of sharing and growth.

For example, hold a daily team meeting to share lessons learned, allow for discussion, and to get to know each other. Creating an open and safe environment to ask questions builds trust and encourages team comradery.

PROFESSIONAL DEVELOPMENT

An effective team is also an educated and well-rounded team. Beyond the classroom and virtual training, find opportunities for the team to be involved in committees and/or projects within the company. For tasks and meetings that don’t require management involvement, provide the opportunity to the team to encourage personal growth. Look for industry events and training, like ICMI, to reinforce skills and highlight the fact that the support profession is a career.

HAVE FUN!

It is important to laugh and have fun at work. We spend so much time at work and many of us want our work to be enjoyable. Sometimes you need to lead the way and give your team permission to have fun at work.

Create an outlet for the fun stuff. If you have a chat tool, create a room for people to share birthdays, funny memes, and clean jokes. Teams that play together often stay together!

Loving what you do, who you work with, and where you work is attainable. It requires intentional leadership and management. Once you build it and nurture it, others will see and feel the benefits and embrace it as well.

What a wonderful world this would be if we all worked on an effective team with coworkers that inspired the very best from everyone. Cheers to all the effective teams out there!

- Doug Myrick

It’s important to meet with your insurance agent once a year to make sure your insurance needs are met.

To make sure that you have the policy coverages that best meet your individual needs, we recommend meeting with your agent to review your policy coverages on an annual basis. If you have a significant change occur in the meantime, such as adding a pool or a remodeling project, contact your insurance agent to adjust your policy coverages as needed.

Here’s a checklist of items to discuss with your insurance agent:

• In the next year, are you considering retiring, or will any children be moving away from home to attend college?
• Are you planning to make (or have you recently completed) renovations to your home on the interior or exterior?
• Have you added a security system or made updates to your home’s roof, plumbing, electrical, or heating/cooling systems?
• Are you considering purchasing (or have you recently purchased) additional personal property, such as jewelry, collectibles, electronic equipment, furniture, etc.?
• Based on any changes to your home or contents, do you need to increase or decrease current coverage limits for your policy?
• Are you adequately covered for flood damage to both your home and property?
• Do you wish to make changes to your policy deductible options, reduce annual premiums, or minimize out of pocket expenses?
• Does your policy include an adequate amount of liability coverage given your individual situation and assets?