New Medical Debt Rules

There's a new law that means the credit bureaus don't report medical bills below $500. Clark explains what it means for your financial life.
MORE CLARK.COM CONTENT YOU MAY LIKE:
► clark.com/cars/free-vin-report/
► clark.com/scams-rip-offs/puppy-scams/
► clark.com/credit-cards/apple-card-savings-account/
Clark.com: Advice You Can Trust:
SUBSCRIBE ► / clark
NEWSLETTER ► clark.com/newsletters/
Follow Us for More Money Tips:
Website ► clark.com/
Podcast ► clark.com/podcasts/
Twitter ► / clarkhoward
Clark Howard Instagram ► / theclarkdotcom
Clark Howard Facebook ► / clarkhoward
Clark Deals Facebook ► / clarkdeals
Clark Deals Instagram ► / clarkdeals
For the very best deals and money-saving shopping tips ► www.clarkdeals.com
Need Consumer Advice?
Need advice? The Consumer Action Center is a free community resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is available Monday-Friday from 10 a.m. to 4 p.m. ET.
If you found this video valuable, give it a like.
If you know someone who needs to see it, share it.
Leave a comment below with your thoughts.
Add it to a playlist if you want to watch it later.
Our Promise to You:
At Clark.com and ClarkDeals.com, we do not get paid for endorsements or reviews of any product or service, nor do we allow advertisers to place paid content on our sites.
► clark.com/ad-disclosure/

[@stephanied6711]

It should be illegal for them to charge $50 for an aspirin

[@dianecelento4974]

Yes!

[@carlo6912]

This does NOT fiix the issue of unaffordable healthcare in the US.

[@adama9561]

The medical billing system is abysmal, no other industry can bill you 6-12 months after the service was rendered and expect to be paid. Don’t get me started on everyone being quoted a different price based on their insurance, oh and if you do self pay it’s less than if you had insurance sometimes. It’s such a crooked system

[@mattbrooks5596]

The $500 rule doesn't help much. A $500 bill from a Family Doctor isn't causing anybody that much hardship. It's the thousands of dollars of medical debt acquired from a HOSPITAL emergency room. For example... I don't think I've ever gotten a hospital bill for less than $500. It's usually 3 times that and that's after the insurance has already paid them 80% of the total. Even worse, a hospital's goal is not to help you, but instead run up as much cost as they can to milk your insurance, find no solution to your health issue and then tell you to go see your family doctor. So basically you just went in debt for absolutely no reason. At least that's the experience here in West Virginia. Terrible care at a high cost.

[@FretBuzzGuitar]

This is good news but I have a concern. What if medical service providers inflate their bills to get them above the $500 threshold. Sounds crazy right? But remember the folks we are talking about. Something similar happened when the ACA limited the percentage of the billing that went to insurance administrative costs. Insurers said if they only get 17% of the pie then let's have a bigger pie (bigger total bill).

[@kevinmoore9524]

Thank You