Most often, healthcare consumers do not know the real cost of health services. Whether it is a bed in a hospital, a prescription drug, or a procedure like an MRI, the price is usually buried beneath government regulations, insurance forms, and confusing terminology.
In this episode, we first hear from John about how a recent brief hospital visit to deal with kidney stones turned into a $20,000 surprise. Fortunately, his insurance paid most of the bill, but if he had known the true cost, he might have made different decisions. David Balat, a former hospital CEO and now a policy healthcare advocate focusing on the costs of healthcare, explains consumers have the right to proper billing, how to understand the real cost of healthcare, and what resources are available for shopping for healthcare.