Did you know about the “Prompt Pay” discount?

Bill showing amount due
Disclaimer:

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Since being diagnosed with LADA Diabetes, medical bills have become commonplace.  My finances these days include paying all kinds of medical bills — bills for doctor visits, bills for labwork, and for medical durable supplies like an insulin pump.  Not to mention that I’ve become a regular at my local pharmacy, and also get mail order diabetic supplies too.

If you or a loved one has diabetes, I’m sure that you’ve also seen this spike in medical bills.  Before diabetes, medical expenses were infrequent for me.  Now it’s a regular part of my financial planning.

I’m frugal and I think every extra bit of savings adds up.  One discovery that I’ve made recently, is that you can get a discount just for paying on time!

That’s right, whether the bill is for $30 or $3000, if you can pay the bill in full by the due date, you may qualify for a “prompt” pay discount.

With your credit card or other payment method in hand, simply call the phone number on the bill, and ask them if you can get a prompt pay discount if you pay in full.

This saved me about $300 on my Medtronic Insulin pump.  The Medtronic bill doesn’t mention this discount, but the salesperson told me about it.  So when I got my bill, I called them up, and sure enough, they applied a discount!

This discount depends on the company, but typically varies between 5%-10%.

My local hospital offers this discount too, and actually states it on the statement:

Bill from hospital offers a prompt pay discount

I don’t know if any pharmacies or laboratories offer this policy.  But, I will continue to ask about it!  Every bit of savings helps!

Summary

  • If you can you pay the medical bill in full….. Don’t just pay it, ask for a discount.
  • Call up billing department with your credit card or checkbook in hand.
  • Ask if they offer a prompt payment discount if you pay the bill in full over the phone.

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