The cost of emergency care has risen drastically in the past years, and people are finding it difficult to get emergency help when they need it. It is the reason why people are not feeling confident admitting themselves to the emergency room because they feel that they won’t be able to pay for it. Ted Bauman is a financial advisor who has over 25 years of experience. He is someone who does not feel scared talking about important topics that are related to the common people. He has written about the lack of transparency in the American healthcare system. When people check in to in-network hospitals, they feel that their treatment will be covered by their insurance. However, when they get their bill, they are shocked since they were treated by physicians who were not in the in-network.
Ted Bauman has recently talked about the topic on his newsletter The Bauman Letter in details. He talks about how the administration of the hospitals just decides on a price for the treatments and procedures, and the patients have to accept it. The cost of the equipment or the fees of the doctors have no bearing on what is being charged by them. Ted Bauman feels that the healthcare industry is trying to dupe people knowing that they won’t have an option of getting treatment. However, he offers some advice to people that can help them save money and not get taken advantage of by the hospitals. He advise people to conduct research on different hospitals to find emergency rooms that cost the least. When you are in a medical emergency, pick that particular hospital to save money. Do not undergo all the tests that are listed by the doctors and ask questions on why those tests are necessary.
Ted Bauman also advice people to always ask for in-network providers when they get admitted and mention so in their consent form so that the hospital cannot charge them more than what they should. Ted Bauman is an alumnus of the University of Cape Town and has spent years researching on global financials to offer advice that can help people save money.