Yourmoneyshow talks about the latest hospital scam. One hospital in NY is sending out invoices for medical bills that have been unpaid for more than 3 years. This Long Island, NY hospital sent out a bill stating that the insurance failed to pay the bill and that the patient is responsible for paying the bill. However many states have laws that requires Doctors and Hospitals to remit medical bills within 3-6 months of the date of service. New York for example, requires that bills get submitted within 120 days. California requires the bill to be submitted between 90-180 days. Thus before you pay an old medical bill, check with your insurance carrier and ask them about the old bills. If the Doctor didn’t submit the bill withing the time period, they cant collect unless they successfully appeal it. Thus it’s their responsibility for old bills not yours.
Also on the show today was How To Make $110 per day. The Affordable Care Act now requires that every company that offers health insurance to their employees must provide a summary of the health benefits. The summary that the insurance companies provide is not sufficient to qualify as a summary; a special document is needed that summarizes all of the medical benefits. Its call a Wrap Summary Plan Description (SPD) and almost no business owner has one. The penalty for not providing one is $110 per day per person. Thus in a small business of 10 employees, failure to provide a WRAP SPD for 1 year could cost $401,500 in fines. Small business owners need to protect themselves from litigious employees. Contact The Pension Department Inc for a wrap plan and protect yourself today. http://www.thepensiondepartment.com/contact/
Finally Yourmoneyshow called Dr Rob and had him channel President Ronald Reagan. The ghost of President Regan had some very interesting things to say about the economy. Listen to the show to show to hear what he has to say about the next depression and what he would do be doing now.