Daily Money - The Big New Change to Medical Billing

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January 4, 2022

Happy New Year. So far, 2022 has brought at least some good news. Take the No Surprises Act. This new federal law that took effect Jan. 1 bans most surprise medical bills. You’ve probably gotten at least one of these, like a bill from an anesthesiologist or radiologist whose name you didn’t recognize. These bills were so galling because they would often come from medical providers who were hard (if not impossible) to research in advance: you could make sure your main surgeon took your insurance, but the surgical assistant who happens to be an independent contractor? You’d have no clue they were involved in your care until the bill arrives. This unwelcome surprise shouldn’t happen any more, for the most part. Learn more about the new law in today’s edition.

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Reader of the Week

What are you up to these days?

My wife and I retired in 2011 to Colorado and have enjoyed hiking, utving [riding an all-terrain vehicle with two seats] and a little gold panning for fun. During retirement, we have volunteered for Habitat for Humanity, Colorado State Park system, our local church and Food Bank of the Rockies. I work part time for a local golf course largely because it is good exercise and I am always outside. We have enjoyed traveling to Mexico, Costa Rica, Portugal and all over the western United States since retiring.

Cool! What’s your saving philosophy?

During the last 10 years of my 38 years with UPS, I used almost all of my raises to increase my contributions to our 401(k). UPS had a 3% match, which we always took advantage of early in our work years, and by retirement age I was contributing 21% of my paycheck plus the 3% match to our 401(k). We were able to both retire at age 56. We have the unusual advantage of getting pensions from both our employers and, combined with Social Security claimed at my full retirement age, we have been able to avoid major withdrawals from our savings and 401(k).

I firmly believe that wealth can be accumulated through the stock market and am a proponent of dividend reinvestment and buying during a downturn. We have always reinvested the majority of dividends, but by doing so and purchasing additional stocks and mutual funds exclusively from 2000-2010, we were able to retire in 2011 and move to Colorado [from Iowa] to enjoy the great outdoors year around.

Nice! Tell us something you’re proud of.

I’m the first generation in my family to go to college. I worked my way through school — it wasn’t a short process. I was working full time during undergrad and while getting my MBA. My wife and I have always said our best investment bar none was helping our two sons financially while they were in college. We told them we would pay for five years of college and after that they were on their own. They were also expected to work part time in the summers and any hours they could manage doing the academic year. Both finished their undergraduate studies in less than five years and went on for additional education at their own expense. They have provided for themselves and their families since the day they finished their collegiate education and are now managers with large companies.

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Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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