February 19, 2016

Saving on Healthcare, New Tax Forms and more in CarePayment’s News You Can Use

By CarePayment

How to Shop Around and Save on HealthcareSAVE ON HEALTHCARE

How does one shop for healthcare services in an industry that is lacking price transparency? The Wall Street Journal illustrates numerous strategies to effectively shop and save on healthcare. For instance, the article cites common test and procedures (i.e. MRIs, ultrasounds) are the easiest to shop for. Be sure to obtain CPT codes (billing codes) for the procedure by asking your doctor; this will ensure price accuracy. The article also shares online references including insurers’ websites and price comparison tools.

Taxpayers Could Be Confused by New Tax Forms Tied to Healthcare Law

This year, new tax forms (1095-B or 1095-C) will be sent to Americans by either their employer, insurers or government programs to help assist with filing taxes. According to Healthcare Finance News, these forms will state whether insurance was offered and/or provided to the individual, and if it was affordable and adequate under the law. Americans use these forms as resource when claiming their health coverage; however, they do not need to file the forms with their tax returns. That said, the IRS recently pushed back the deadline for these forms to be sent to Americans. Many adults may not receive these forms by the tax filing deadline which could result in inaccurate tax returns. The IRS informs the public to file their returns on time, and if inaccuracies occur, Americans wouldn’t have to amend.

The High Cost of Cancer Care May Take Physical and Emotional Toll on Patients

The Wall Street Journal reports how cancer can cause financial toxicity; meaning, cancer patients are suffering from financial burdens caused by costly treatments. These burdens can result in physical and emotional distress as well as delaying or forgoing necessary care. Sixty-four percent of working-age cancer survivors said they worried about paying bills related to cancer, 34 percent had to go into debt or borrow money while 40 percent had to make other financial sacrifices.