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Consumer Financial Protection In Health Care
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Book Synopsis Consumer Financial Protection in Health Care by : Erin C. Fuse Brown
Download or read book Consumer Financial Protection in Health Care written by Erin C. Fuse Brown and published by . This book was released on 2017 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are inadequate consumer protections from harmful medical billing practices that result in unavoidable, unexpected, and often financially devastating medical bills. The problem stems from increasing cost shifting to patients underway in American health care and the inordinate complexity that makes health care transactions nearly impossible for consumers to navigate. A particularly outrageous exemplar is the phenomenon of surprise medical bills, which refers to unanticipated and involuntary out-of-network bills in emergencies or from out-of-network providers at in-network facilities. Other damaging medical billing practices also include the opaque and a la carte nature of medical bills, epitomized by added "facility fees," as well as harsh medical debt collection and credit reporting practices. The impetus of this article was driven by the simple questions: are these harmful health care billing practices legal? And if so, what can be done to protect patients as consumers? The questions are simple but the answers are not. This article canvasses a growing body of financial protections under federal and state law for health care consumers and concludes that, notwithstanding these significant efforts, consumer financial protections are inadequate for most health care consumers in this country. The article sets forth a model set of policy reforms that build upon state reforms to protect health care consumers. The biggest gaps in protection, however, are structural -- most states have not adopted robust health care consumer financial protections, and even if many more states did, ERISA preempts many state efforts to protect health care consumers for the large and growing number of consumers insured by self-funded employer health plans. Despite salutary state innovation in the area of patient financial protection, a growing ERISA vacuum means a federal solution is necessary to protect all health care consumers from medical-billing abuses.
Book Synopsis Understanding Required Financial Assistance in Medical Care by : Susan Singer
Download or read book Understanding Required Financial Assistance in Medical Care written by Susan Singer and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many consumers struggle to afford the costs of essential medical services. To bring more focus to the impact of medical bills and collections on consumers, the Consumer Financial Protection Bureau (CFPB) is releasing reports and blogs over the next several months discussing the key financial hurdles the health care system presents to patients and their families. In this research brief, we discuss required financial assistance (also known as charity care), one of the main forms of assistance hospitals offer to low-income consumers to help cover the cost of medical treatment.1 In the following, we define required financial assistance, explain its sources of funding, who is eligible, and who its likely beneficiaries are. In forthcoming briefs, we intend to discuss the pitfalls of medical credit cards and installment payments in the medical payment space.
Book Synopsis Consumer Credit Reports by : Consumer Financial Protection Bureau
Download or read book Consumer Credit Reports written by Consumer Financial Protection Bureau and published by CreateSpace. This book was released on 2015-01-18 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: When a debt is seriously delinquent and the creditor sells the debt or refers the debt either to a collection agency or to an internal collection department, the collector or creditor can separately report the account to one or more of the three largest nationwide consumer reporting agencies (NCRAs) as an account in collections. The presence of a collections tradeline can have a negative impact on a consumer's credit score. There are currently an estimated 220 million consumers with a credit report at one or more of the NCRAs. Collections tradelines affect the reports of nearly one out of three of these consumers. Consumers are far more likely to dispute the accuracy of these tradelines than of other information contained on their credit reports. Roughly half of all collections tradelines that appear on credit reports are reported by debt collectors seeking to collect on medical bills claimed to be owed to hospitals and other medical providers. These medical debt collections tradelines affect the credit reports of nearly one-fifth of all consumers in the credit reporting system. This paper describes characteristics of the medical and non-medical collections tradelines on consumers' credit reports and the processes by which they appear and disappear. It draws on analysis of data contained in the Consumer Financial Protection Bureau's (CFPB) Consumer Credit Panel (CCP); consumer complaints to the CFPB about collections; and interviews with debt collection agencies, healthcare providers, and other observers of the healthcare billing and payment processes. The CFPB has not sought to verify original research introduced in this paper through its supervisory authorities. The paper does not draw upon supervisory information the CFPB has learned through examinations it has conducted, and does not make conclusions about whether any specific market participants are in compliance with particular statutes or rules pertaining to consumer reporting.
Book Synopsis Your Home Loan Toolkit by : Consumer Financial Consumer Financial Protection Bureau
Download or read book Your Home Loan Toolkit written by Consumer Financial Consumer Financial Protection Bureau and published by Createspace Independent Publishing Platform. This book was released on 2016-03-22 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Buying a home is exciting and, let's face it, complicated. This booklet is a toolkit that can help you make better choices along your path to owning a home.
Author :United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Trade, and Consumer Protection Publisher : ISBN 13 : Total Pages :300 pages Book Rating :4.:/5 (319 download)
Book Synopsis The Proposed Consumer Financial Protection Agency by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Trade, and Consumer Protection
Download or read book The Proposed Consumer Financial Protection Agency written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Trade, and Consumer Protection and published by . This book was released on 2012 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Advisory Commission on Consumer Protection and Quality in the Health Care Industry Publisher : ISBN 13 : Total Pages :86 pages Book Rating :4.:/5 (327 download)
Book Synopsis Consumer Bill of Rights and Responsibilities by : United States. Advisory Commission on Consumer Protection and Quality in the Health Care Industry
Download or read book Consumer Bill of Rights and Responsibilities written by United States. Advisory Commission on Consumer Protection and Quality in the Health Care Industry and published by . This book was released on 1997 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Care Without Coverage by : Institute of Medicine
Download or read book Care Without Coverage written by Institute of Medicine and published by National Academies Press. This book was released on 2002-06-20 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many Americans believe that people who lack health insurance somehow get the care they really need. Care Without Coverage examines the real consequences for adults who lack health insurance. The study presents findings in the areas of prevention and screening, cancer, chronic illness, hospital-based care, and general health status. The committee looked at the consequences of being uninsured for people suffering from cancer, diabetes, HIV infection and AIDS, heart and kidney disease, mental illness, traumatic injuries, and heart attacks. It focused on the roughly 30 million-one in seven-working-age Americans without health insurance. This group does not include the population over 65 that is covered by Medicare or the nearly 10 million children who are uninsured in this country. The main findings of the report are that working-age Americans without health insurance are more likely to receive too little medical care and receive it too late; be sicker and die sooner; and receive poorer care when they are in the hospital, even for acute situations like a motor vehicle crash.
Book Synopsis The Consumer Financial Protection Bureau by : Robert Krainer
Download or read book The Consumer Financial Protection Bureau written by Robert Krainer and published by . This book was released on 2016 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a 5 year review of the Consumer Financial Protection Bureau which is part (title X) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is one of the most controversial parts of the Dodd-Frank Act. It has been argued (mostly by the banking industry) that the CFPB imposes a regulatory burden on banks without any measurable benefits for those it is designed to protect. It is also one of the first regulatory policies that embraces elements of Behavioral Economics. It does this with a regulatory framework that discourages the supply of certain financial products that are potentially toxic to the financial health of less than fully rational households. We find that CFPB as a regulatory policy conflicts with other government policies designed to encourage home ownership and access to financial products among the poor. One possible solution to this contradiction in conflicting government policies is to carry out the social goal of housing for the poor within a government sponsored enterprise much like the Federal Farm Credit System.
Book Synopsis Your Money, Your Goals by : Consumer Financial Consumer Financial Protection Bureau
Download or read book Your Money, Your Goals written by Consumer Financial Consumer Financial Protection Bureau and published by Createspace Independent Publishing Platform. This book was released on 2015-03-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Welcome to the Consumer Financial Protection Bureau's Your Money, Your Goals: A financial empowerment toolkit for social services programs! If you're reading this, you are probably a case manager, or you work with case managers. Finances affect nearly every aspect of life in the United States. But many people feel overwhelmed by their financial situations, and they don't know where to go for help. As a case manager, you're in a unique position to provide that help. Clients already know you and trust you, and in many cases, they're already sharing financial and other personal information with you. The financial stresses your clients face may interfere with their progress toward other goals, and providing financial empowerment information and tools is a natural extension of what you are already doing. What is "financial empowerment" and how is it different from financial education or financial literacy? Financial education is a strategy that provides people with financial knowledge, skills, and resources so they can get, manage, and use their money to achieve their goals. Financial education is about building an individual's knowledge, skills, and capacity to use resources and tools, including financial products and services. Financial education leads to financial literacy. Financial empowerment includes financial education and financial literacy, but it is focused both on building the ability of individuals to manage money and use financial services and on providing access to products that work for them. Financially empowered individuals are informed and skilled; they know where to get help with their financial challenges. This sense of empowerment can build confidence that they can effectively use their financial knowledge, skills, and resources to reach their goals. We designed this toolkit to help you help your clients become financially empowered consumers. This financial empowerment toolkit is different from a financial education curriculum. With a curriculum, you are generally expected to work through most or all of the material in the order presented to achieve a specific set of objectives. This toolkit is a collection of important financial empowerment information and tools you can access as needed based on the client's goals. In other words, the aim is not to cover all of the information and tools in the toolkit - it is to identify and use the information and tools that are best suited to help your clients reach their goals.
Author :Housing, and Urban Affairs, Committee on Banking, Housing, and Urban Affairs United States Senate Publisher : ISBN 13 :9781477652886 Total Pages :132 pages Book Rating :4.6/5 (528 download)
Book Synopsis Enhanced Consumer Financial Protection After the Financial Crisis by : Housing, and Urban Affairs, Committee on Banking, Housing, and Urban Affairs United States Senate
Download or read book Enhanced Consumer Financial Protection After the Financial Crisis written by Housing, and Urban Affairs, Committee on Banking, Housing, and Urban Affairs United States Senate and published by . This book was released on 2012-06-14 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: As we approach the 1-year anniversary of the Wall Street Reform and Consumer Protection Act, we should all be reminded of a basic lesson we learned from the Great Recession: failing to protect consumers has consequences not only for individuals and families, but also for the health of America's economy. The failure by regulators to hold Wall Street banks and unscrupulous mortgage lenders accountable for complying with consumer protection laws was detrimental to American families and brought the global financial system to near collapse.
Book Synopsis Measuring Financial Protection in Health by : Adam Wagstaff
Download or read book Measuring Financial Protection in Health written by Adam Wagstaff and published by . This book was released on 2017 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Health systems are not just about improving health: good ones also ensure that people are protected from the financial consequences of receiving medical care. Anecdotal evidence suggests health systems often perform badly in this respect, apparently with devastating consequences for households, especially poor ones and near-poor ones. Two principal methods have been used to measure financial protection in health. Both relate a household's out-of-pocket spending to a threshold defined in terms of living standards in the absence of the spending: the first defines spending as catastrophic if it exceeds a certain percentage of the living standards measure; the second defines spending as impoverishing if it makes the difference between a household being above and below the poverty line. The paper provides an overview of the methods and issues arising in each case, and presents empirical work in the area of financial protection in health, including the impacts of government policy. The paper also reviews a recent critique of the methods used to measure financial protection.
Author :United States Congress Publisher :Createspace Independent Publishing Platform ISBN 13 :9781977911124 Total Pages :284 pages Book Rating :4.9/5 (111 download)
Book Synopsis The Proposed Consumer Financial Protection Agency by : United States Congress
Download or read book The Proposed Consumer Financial Protection Agency written by United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10-04 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proposed consumer financial protection agency : implications for consumers and the FTC : hearing before the Subcommittee on Commerce, Trade, and Consumer Protection of the Committee on Energy and Commerce, House of Representatives, One Hundred Eleventh Congress, first session, July 8, 2009.
Book Synopsis Form and Substance in Consumer Financial Protection by : Jean Braucher
Download or read book Form and Substance in Consumer Financial Protection written by Jean Braucher and published by . This book was released on 2012 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Protection Against Medical Expense by : Owen O'Donnell
Download or read book Financial Protection Against Medical Expense written by Owen O'Donnell and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial protection is claimed to be an important objective of health policy. Yet there is a lack of clarity about what it is and no consensus on how to measure it. I address the ambiguity of meaning by considering three questions: Protection of what? Protection against what? Protection with what? The proposed answers lead to the suggestion that financial protection is about shielding nonmedical consumption from the cost of healthcare using formal health insurance and public finances, as well as informal and self insurance mechanisms that do not impair earnings potential. Given this definition, I evaluate four approaches to the measurement of financial protection: a) consumption smoothing over health shocks; b) the risk premium; c) catastrophic healthcare payments; and, d) impoverishing healthcare payments. The first of these does not restrict attention to medical expenses, which limits its relevance to health financing policy. The second rests on assumptions about risk preferences. No measure is entirely satisfactory in its treatment of medical expenses that are financed through informal and self insurance instruments. By ignoring these sources of imperfect insurance, the catastrophic payments measure overstates the impact of out-of-pocket medical expenses on living standards, while the impoverishment measure does not credibly identify poverty caused by them. It is better thought of as a correction to the measurement of poverty.
Book Synopsis Protecting Residents from Financial Exploitation by :
Download or read book Protecting Residents from Financial Exploitation written by and published by . This book was released on 2019 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States Congress Publisher :Createspace Independent Publishing Platform ISBN 13 :9781977937209 Total Pages :116 pages Book Rating :4.9/5 (372 download)
Book Synopsis Consumer Financial Protection Efforts by : United States Congress
Download or read book Consumer Financial Protection Efforts written by United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10-04 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer financial protection efforts : answers needed : hearing before the Committee on Oversight and Government Reform, House of Representatives, One Hundred Twelfth Congress, first session, July 14, 2011.
Book Synopsis Measuring Financial Protection in Health by : Adam Wagstaff
Download or read book Measuring Financial Protection in Health written by Adam Wagstaff and published by World Bank Publications. This book was released on 2008 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Health systems are not just about improving health: good ones also ensure that people are protected from the financial consequences of receiving medical care. Anecdotal evidence suggests health systems often perform badly in this respect, apparently with devastating consequences for households, especially poor ones and near-poor ones. Two principal methods have been used to measure financial protection in health. Both relate a household's out-of-pocket spending to a threshold defined in terms of living standards in the absence of the spending: the first defines spending as catastrophic if it exceeds a certain percentage of the living standards measure; the second defines spending as impoverishing if it makes the difference between a household being above and below the poverty line. The paper provides an overview of the methods and issues arising in each case, and presents empirical work in the area of financial protection in health, including the impacts of government policy. The paper also reviews a recent critique of the methods used to measure financial protection.
