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MyHealthFunds, Inc.

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MyHealthFunds CEO Offers Advice on Managing Healthcare Costs on Forbes.com


Colorado Springs, CO, October 19, 2008 --(PR.com)-- MyHealthFunds CEO Discusses Ways Consumers Can Manage Healthcare Expenses.

Pradeep Goel, CEO of MyHealthFunds, Inc., was interviewed by Forbes.com for a feature article, “How to Cut Health Care Costs” on October 9, 2008. The article discusses errors in medical billing and denial of claims, and how consumers can fight back.

The article points out that consumers are cutting back on prescriptions and doctor’s office visits. Industry experts expect companies to raise workers’ deductibles, copay and out-of-pocket spending limits in 2009. The cost of health benefits is also expected to increase by 5.7% in 2009. Cutting back on healthcare is not the answer, however, comparison-shopping and asking questions may be.

As part of its service to members, MyHealthFunds reviews members’ bills, explanations of benefits (EOBs), archives their bills and tax deductible documents such as receipts for medical services and prescriptions and negotiates with providers. MyHealthFunds also provides end-of-year tax reports for members’ Health Savings Account contributions and expenses.

“Once you’ve verified that a bill is valid, if you still can’t afford, it, talk to someone in the billing department of your doctor’s office or hospital. You may be able to negotiate a preferred rate or at least set up a payment schedule that will save your provider the trouble of turning to a collection agency,” Goel said.

Goel also sites the importance of participation in employer-sponsored wellness programs. In a national survey of more than 1,900 firms by the Kaiser Family Foundation and health Research & Educational Trust, shows that 53% of small firms (those with three to 199 workers) and 88% of large firms (200 or more workers) offer at least one wellness program, including weight-loss programs, gym membership discounts or onsite facilities, smoking cessation support and personal health coaching. A few even offer employee incentives, such as gift cards, travel, merchandise, cash, smaller premiums or lower deductibles that could boost your budget.

About MyHealthFunds, Inc.

MyHealthFunds’ mission is to provide employer groups and consumers with comprehensive, full-service Health Savings Account (HSA) administration with MyHealthFunds’ TotalMemberCareSM services and Wellness Programs from Mayo Clinic Health Solutions. MyHealthFunds’ unique approach focuses on education, support, customer service and member advocacy. Some of the services MyHealthFunds provides include bill payment, medical claim advocacy, coordination of care, assistance with clinical trials and second opinions. MyHealthFunds works with a national network of broker affiliate partners to help employers, employees and consumers reduce the costs of health benefits through HSA-compatible health plans and Health Savings Accounts.
Source: MyHealthFunds, Inc.

Contact: Pamela Whiting of MyHealthFunds, Inc., (800) 797-0242, Ext. 6224 or Pamela.whiting@myhealthfunds.com

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Contact Information
MyHealthFunds, Inc.
Pamela Whiting
800-797-0242
Contact
www.myhealthfunds.com

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