Guest Blogger: Consumer Finance Specialist - Clay Grossman

At Laser Spine Institute, we can determine a patient's total upfront cost after we verify their current insurance coverage.  We strive to make our surgical procedures as affordable as possible with hopes of alleviating as much back and neck pain as possible.  Through this effort, LSI has partnered with a few new insurance carriers, including United Health Care & affiliates, and also has the opportunity to lower our Medicare pricing.  With these new agreements in place, moving forward in 2010 - LSI patients will experience the same state of the art, highest level of medical treatment available, with lower cost and commitments.   


With regard to payment plans for those patients with upfront cost, LSI has established relationships with a few national healthcare finance companies that offer affordable monthly payments.  And, while most financial lenders are currently restricting available credit, LSI has actually seen an increase in the average credit line approval.

This type of financing is a great option, but not necessarily the best for everyone. I recommend first looking into your personal resources, for instance:
 
1) Retirement/savings accounts (i.e. 401(K), IRA...)
2) FSA (Flexible Spending Account) - medical payment plan offered by your employer
3) The equity built in your home (i.e. Home Equity Loan, Reverse Mortgage, and Refinance & Consolidate Debt)

Even though the economy has tightened, these are viable options offering the lowest interest rates. For example, it is realistic to find a Home Equity Loan for 4 to 6 percent because the current Prime Rate is at all-time lows. If equity is not available, you may want to take advantage of your 401(K) or IRA funds. A majority of finance companies are offering loans penalty-free from a retirement account. This type of loan provides a greater return than the current average retirement plan.

It is my goal to help patients gain a better understanding of the programs, specifically created to offset any additional healthcare expenses after insurance reimbursement and tailor the right solution for each patient.