So my surgeon requires that I pay all of the clinic fees up front to the tune of $8300 then when they get paid by my insurance company they issue a refund. Because they are out of network I am expecting them to only pay 80% of whatever they deem "reasonable and customary". There's no telling what that will end up being. I don't have that kind of money just laying around and I was really expecting to be told I had to wait 6 months so I had kind of planned on using our tax return for 2010 to pay for it. Of course now that I'm approved I don't want to wait that long.
I am looking into taking out a loan, theoretically the majority of which would be paid off with the reimbursement 2-3 months after surgery. I could split it up between a couple of credit cards but the interest rates/payments are higher than I am comfortable with paying even over a relatively short time period. The paper work from the clinic suggested several different medical financing companies the interest rates and terms are better than the cc but I'm leery of them. There's also my credit union where we might be ale to do an unsecured signature loan. I don't want to run around applying at a bunch of places just to compare terms and ding my credit score(which is excellent btw) with a bunch of inquiries. What do I do?
Edited to say: Nevermind!!! I did some more research and those medical finance co's are mostly glorified predatory lenders. No thanks! I have got it figured out though. Will be calling this afternoon to set it all up. :)
5 comments:
That seems like a strange policy. I'm glad you got it figured out!
I agree that is a strange policy. Some places require payment at the time of services rendered and then issue a refund for the amount the insurance paid, but I haven't heard of them asking for it all up front. Even then they normally don't charge you the whole thing just what they believe the insurance might not pay and then estimate high. I would suggest looking at a different place, but it sounds like you have it all worked out and I know that reapplying for approval might not be something you want to do.
Yikes, that's a lot of money. That would make me queasy as hell, wondering how much (if any) the insurance company would pick up. UGH. I hope you get it sorted out.
Christine
www.phoenixrevolution.net
Yes it is a lot but if they were in-network w/ my insurance they would only ask for my co-pay amount. They are just covering their asses to make sure they get paid. Can't say I blame them. Keep in mind this fee also covers all of my after care and fills for 13 months. :)
My clinic has a similar policy, as they are also out-of-network with my provider. I only have to pay $4000 up front, and I'm not expecting to get any of it back. This doesn't cover fills, but at this point, I don't care! There aren't many options where I live, and I LOVE this doctor and his staff.
Glad you got it all worked out. It would be a bummer if you had to wait to save the money.
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