This is absurd
The Whole Wide World hd Hereâ€™s a statistic I cannot get out of my head: Of the 276 providers who responded to our October HME NewsPoll, 51% said that most of their Medicare beneficiaries cannot afford the 20% copay for durable medical equipment. I know seniors live on fixed incomes, but don't tell me that 51% canâ€™t afford the co-pay. Thatâ€™s absurd. This kind of behavior feeds into CMSâ€™s belief that Medicare pays too much for durable medical equipment. And if you can regularly write off 20% of your Medicare reimbursement, maybe CMS is right. I mean, what else is there to think? What am I missing here? You tell me.
Spies Like Us rip Before my grandfather died a few years ago at the ripe old age of 94, he lived on his monthly social security payments. He even saved money. He could do this because heâ€™d paid off his mortgage years ago, had minimal utility and food expenses, and lived like most old people do, frugally. According to a lawyer friend, my grandfather is a typical senior. He owned his own house, had about $150,000 in the bank, and lived on social security or social security and a pension.
If you regularly let the co-payment slide, which, let me remind you, is in most cases illegal, hereâ€™s something else to think about. A good friend of mine is over 65, has been involved in the DME industry for years, and he estimates that 85% of seniors can easily afford the 20% co-pay. In fact, he said, for many items, seniors donâ€™t mind paying cash. They are more concerned with how a product looks than how much it costs. Sounds like there may be a retail opportunity here.
Rather than not being able to afford the co-pay, I think most seniors would prefer not to pay it. Iâ€™d also prefer not to pay my healthcare co-pays, but you know what? I pay them. Just like you do.
Halloween 4: The Return of Michael Myers film So unless you know a Medicare beneficiary is a hardship case, collect that co-pay. Otherwise, you are doing yourself and the industry a disservice.