With healthcare costs skyrocketing and squeezing individuals of all ages and health—and families even more—medical negotiation, the practice of negotiating payment of your medical bills and procedures, has emerged as one of the hottest topics in the healthcare world.

While individuals can negotiate bills themselves, they often don’t have the skills, knowledge, time or may not want to strain a relationship with their healthcare provider. Some interesting, yet alarming numbers:

• Health care billing is frequently inaccurate—9 out of 10 medical bills contain errors
• 77% of Americans report having trouble understanding explanation of benefits and bills
• 65% of Americans fail to understand their insurance plan features

Here are five money-saving tips to implement:

1. Be sure that you understand your insurance coverage. Review and understand your insurance summary/declaration sheet and know in-network and out-of-network provisions. Have a firm understanding of your co-payments, deductibles and co-insurance rates.
2. Research before buying. If you plan to use or go out-of-network, do extensive research on a doctor’s capability and costs. A professional like Medical Cost Advocate can help you in this process and can help you negotiate a rate or payment plan before your procedure.
3. Take advantage of health savings accounts and other tax advantaged products to reimburse medical expenses like HSAs, HRAs and FSAs which are frequently available from employers.
4. Ask for details about your procedure charges including an itemized bill with procedure costs. Be sure to wait for an Explanation of Benefits (EOB) from your insurer, and always review both items to make sure you received what you thought you were getting.
5. Find a trusted medical cost negotiator to help reduce bills. As most people lack the time, expertise or desire to negotiate their medical bills, they should hire an expert (that works on a pay-for-performance basis) to negotiate bills on their behalf.

To save money on health care go to: www.medicalcostadvocate.com