Can you wait to be paid?

It would be pretty sweet to be able to buy a new car and not pay for it, right? Or to just walk in and buy groceries without opening your wallet. But how long would the auto manufacturers or grocery stores stay in business if they had to wait years to get paid? Not very long. But that’s exactly what is happening in the healthcare industry.

It seems like every few years someone in congress decides to “help” protect consumers against rising medical costs. Sure, they mean well, but Rep. Rashida Tlaib, a Democrat from Michigan, doesn’t understand the ripple effect a bill like H.R. 5330 would have.

H.R. 5330, also known as the Consumer Protection for Medical Debt Collections Act, is a bill “to amend the Fair Debt Collection Practices Act to provide a timetable for verification of medical debt and to increase the efficiency of credit markets with more perfect information, to prohibit consumer reporting agencies from issuing consumer reports containing information about debts related to medically necessary procedure, about and for other purposes.”

But what does that really mean? It means that consumers would have up to TWO YEARS before it impacts their credit, an extremely long time compared to what is currently allowed. Plus, the legislation would delay the ability to report medical debt to credit reporting agencies for one year, and it would ban the reporting of debt arising out of “medically necessary procedures,” which would be the majority of accounts sent to collections.

And while some believe this would help consumers, it would just kick the can a little further down the road. Consumers have several options when it comes to dealing with their medical expenses – including charity care – and agencies are often the ones to educate them on these choices. If Congress takes away our ability to communicate with consumers in a timely manner, it only pushes that obligation off and adds to an uncertain financial future with a smaller window for resolution, and even less chance of recovery.

Join us in letting our U.S. Representatives know how this would impact the entire healthcare world by calling or emailing your Representative TODAY.

 

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