Rx for saving: A second opinion on medical bills
Posted: Tuesday, August 25 2009 at 04:00 am CT by Bob Sullivan
Scott Fedyshyn and his wife recently brought home a bouncing baby boy -- and an unexpected $600 medical bill. But Fedyshyn, a trained billing consultant, fought back. He demanded itemized bills from his doctor explaining each charge, and why his health insurance wouldn't cover some items.
Soon, he got another statement from the doctor's office – but this one came with a $20 refund check.
Billing errors are common, experts say. Double-billing, typos, upselling, and outright fraud add up to big unexpected medical bills for consumers -- even those who think they are fully covered by insurance. A complex web of bills, forms, and other paperwork mean a lot of Red Tape for health care, and often leads to overpayment by consumers.
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How to save money on: A new car
Posted: Wednesday, March 18 2009 at 07:00 am CT by Bob Sullivan
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Here's one way to get a slice of all that bailout money that's being thrown around by the government: buy a car. U.S. automakers are desperately trying to stimulate demand, and there are remarkable rebates on some models. To list a few: Chevy Trailblazer and Dodge Magnum,$3,000; Ford F-350, $3,500 ; Hyundai Veracruz and Nissan Titan $4,000. GM is right now offering the mother of all rebates, at $5,000 off a Hummer.
But that's nothing, says Edmunds.com Consumer Advice Editor Philip Reed. A friend of his recently bought a Chrysler Town & Country minivan for $12,000 off MSRP, after all rebates, dealer incentives, and downright price slashing occurred.
“You can get outstanding deals,” Reed says. “If you need a car, and you are secure in your job and have the money, then yes, this is a great time to buy a car.”
Of course, you might notice something in common about all those cars I've just mentioned: none of them would be mistaken for a Toyota Prius at the gas pump. In other words, huge rebates are available on cars few people want.
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How to save money on: home phone, broadband
Posted: Friday, March 13 2009 at 05:00 am CT by Bob Sullivan
Home telephone service is a utility bill you probably don't think much about. And why would you? Prices never change, right?
Wrong.
A study by the Utility Consumers Action Network released this week shows the prices for common services like call waiting and unlisted number requests have skyrocketed. Since 2004, call waiting is up 86 percent, while keeping your number out of the phone book costs 346 percent more, the study found.
Numbers like these keep Bruce Kushnick up at night. Kushnick runs New Networks Institute, which investigates the lingering impact of the breakup of the old AT&T. One impact, he says, is higher bills. As evidence, he points to his Aunt Ethel's basic phone bill service, which cost $7.63 cents in 1980 but $39.36 in 2006. Aunt Ethel has lived in the same New York City apartment the entire time.
Subscribers to the plain old local telephone service have probably noticed similar bill creep, no matter where they live.
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How to save money on: insurance
Posted: Tuesday, March 3 2009 at 05:00 am CT by Bob Sullivan
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If you're struggling to make ends meet, one obvious place to cut costs is to stop paying for something that gets you nothing. I'll bet you've looked more than once at an insurance bill and asked yourself the simple question: "Why?"
The average American spends more than $2,000 each year on auto, life and homeowners’ insurance. And what do you get for that money? Not very much. For example, only about one in 15 drivers makes an auto insurance claim every year.
On the other hand, you probably know better than to question the need for insurance. Even if you've never had an accident, you know your time will likely come. And when it does, it’ll be costly. The average auto insurance claim payment is nearly $4,000. Plus, auto insurance is required by law, so you don’t really have a choice.
It is not required that you overpay, however, and many people do just that. Here are a few tips you can use to pare down your insurance bills without putting yourself at unnecessary risk. I'll focus on auto insurance, but mix in a few tips about life and homeowners policies as well. And many of the principles apply to any kind of insurance you buy.
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How to save money on: Bank accounts
Posted: Wednesday, February 25 2009 at 05:00 am CT by Bob Sullivan
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Cheryl Clymer knew her luck was about to run out. For several weeks she’d been walking a tight rope on her checking account balance, paying bills at the very last moment and depositing checks as soon as possible. But last week, with the power company threatening to turn off her lights, she had to pay her $260 electric bill even though she knew that her car payment -- scheduled to be automatically withdrawn that same day -- would push her account into the red. There was a slim chance, she figured, that one of the payments wouldn’t be debited right away, and the paycheck coming in two days would cover her, but she fully expected she would be hit with a $35 overdraft fee.
But when she checked on her account a few days later, her heart sank. She'd been hit with $185 in fees -- five separate $37 charges.
Clymer was victimized by an extreme form of what's called "high-low" check processing, a term that's becoming better known as more U.S. consumers find themselves living close to that checking account edge.
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How to save money on: cell phones
Posted: Wednesday, February 18 2009 at 05:00 am CT by Bob Sullivan
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Here are two data points that don't jibe: The average cell phone user pays $63 each month for their service, yet nearly half of cell users spend less than 200 minutes a month yakking on those phones.
A lot of folks must be overpaying.
For years, the cell phone industry has seduced Americans into long-term contracts that have saddled them with high fees and broken their shopping spirits. As a result, many consumers don't spend a lot of energy comparing services, prices, and bundles. That’s a mistake.
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How to save money on: TV service
Posted: Wednesday, February 11 2009 at 05:00 am CT by Bob Sullivan
VIDEO: Click to learn how to watch Digital TV for free
As you scan your monthly bills -- rent, car loan, home phone -- I'll bet one sticks out like a sore thumb: pay TV. The average American now spends $1,000 a year on television. And suddenly, that's a luxury many people just can't afford.
But there's good news for long-suffering television viewers. The era of cable/satellite domination was already dying a natural death, with real competition like Verizon's FIOS service finally reaching many cities in America. But now the Internet appears ready to drive a stake through the heart of the cable/satellite duopoly. Thousands of TV shows are available for free on the Web, and the technology needed to watch is getting cheaper and simpler all the time.
These developments mean you don't have to pay the average $84.59 monthly cable bill anymore. Even if you elect to keep buying a television service, you can pay less. Finally, consumers have real bargaining power. So let's deal with both options: lowering your monthly bill or cutting the cable completely.
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How to save money on: Credit card bills
Posted: Tuesday, February 3 2009 at 05:00 am CT by Bob Sullivan
Maybe two years ago you could let that $10 late fee slide or forget to question that $29 overdraft fee. But the world has changed. Now, everyone is taking a much closer look at their finances and their monthly bills. We're here to help.
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Today, we begin an in-depth series exposing hidden "gotchas" in your financial life. The “How to Save Money On…” series will offer detailed steps and suggestions to avoid booby traps and preserve your hard-earned cash. We begin with one of America's main financial menaces: Credit cards.
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