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A new survey has revealed that many consumers are dissatisfied with health insurance, and it’s partly because they don’t understand what they’re paying for or why they have to pay those prices in the first place. Fifty-two percent of those surveyed said that they believed their health insurance provider was trying to rip them off by charging unreasonable amounts, while only 27% of people polled said that they understood their own health insurance policy well enough to know what it covered.

The Patient Protection and Affordable Care Act, also known as Obamacare, has made strides to make health insurance more affordable and available to the American people. However, insurers are still raking in money and leaving patients to pay the bill.

 

Complaints about health insurance

It's discouraging to see other people complain about the frustration with their health insurance policies, especially when it is not our fault that the costs are so high. It is just the way things are. And we know it.

There seems to be a lot of confusion surrounding what insurance can and cannot do for you, or how you might be able to help avoid charges like these on your end. We hear you loud and clear though, and will do what we can to keep things as affordable as possible around here! The charges and frustrations don't stop there either. Here are some more examples of how complicated this system can be:

-It seems like everyone has an opinion about what type of policy you should have, but nobody really knows anything.

-There's always something new popping up in our inbox telling us we need to sign something else - from notices from the company that administers our plan to supplemental notices from third party vendors.

-Is there even such thing as comprehensive coverage? Every time I talk to someone new, they tell me I'm missing out on benefits I didn't even know existed.

 

What happens when you don’t pay your bills

When someone doesn’t pay their bills, the charges stack up and a black mark appears on their credit. The same thing happens with health insurance. Unless they can provide proof of good cause such as being unemployed or sick or living abroad, a person who stops paying their health insurance premiums is typically charged 10% of the unpaid premiums each month until they get back on track. If you don’t have the money to catch up on what you owe and your policy is cancelled, you can still apply for coverage through an Affordable Care Act exchange but will be penalized at least twice as much. You'll also lose any tax credits that were available before. For example, if you had applied for a premium tax credit because your income was under 400% of the federal poverty level ($48,240 for a single individual), once your insurance was canceled you would now only qualify if your income falls below 200% ($24,280).

 

How do I pay off my medical bill?

The first thing you can do to start paying off your medical bill is to put a hold on any payments going towards that balance. That way, you know that nothing else will accumulate while you work to find the money to pay it off. If you owe less than $5,000, negotiate a payment plan with the provider. Your plan should include when your first payment will be made and how many future installments there will be. You'll want to offer as much money as possible upfront; otherwise, a larger sum may need to be paid over time. Most providers are willing to negotiate at least some reduction in your outstanding balance in exchange for making a single lump-sum payment instead of many smaller ones.

 

Here are 4 ways to reduce debt

1. Create a budget. Budgeting can help you save money because it organizes your finances. The easiest way to start is by tracking every expense with an app like Personal Capital and then categorizing your expenses so you know where your money is going. At the end of the month, take a look at how much debt accrued through categories like food, rent, etc., so you can decide where to cut back on spending.

2. Sell stuff! One of the best ways to save money is to sell old things you don't need anymore online or in person. If you have clothes, books, electronics or other household items that are still in good condition but just taking up space, get rid of them! You'll feel lighter (literally) and less cluttered. If you live near a flea market, garage sale or thrift store – even better! You might be able to make some extra cash while clearing out space at home.

3. Seek out financial advice from professionals such as lawyers and accountants

4. Track your monthly expenditures

 

Long-term healthcare solutions

Many people are frustrated with the charges that continue to pile-up when they need coverage. When it comes to long-term healthcare solutions, there are a number of things that can happen in order to keep health insurance affordable and sustainable.

There are some choices to make when looking at long-term healthcare solutions including COBRA coverage. COBRA is an option but it can cost much more than standard health insurance coverage, so as a choice it may not always be the best one for individuals or families who have other options available. There are various non-coverage options that can be explored like purchasing medical services on your own without having insurance.

 

MADISON, WI – Health insurance purchasers in the state of Wisconsin are growing more and more frustrated with their lack of control over costs that are piling up every month,With some estimating that health insurance premiums could rise by another 7% next year, many people believe they will not be able to pay their monthly premiums on time as they have in the past, creating serious tension between them and their insurance provider.