Suze Orman: $50,000 Giveaway
Dr. Travis Stork shared a clip from Suze Orman’s new TV series, America’s Money Class. That show’s finale airs tonight, February 13, 2012, on OWN: The Oprah Winfrey Network.
Suze said if you watch the show, then go to oprah.com within 24 hours and take a financial quiz, you could win $50,000 or other prizes.
Suze Orman: The Money Class Review
Suze also promoted her latest book, The Money Class. It seems like she writes a different version of the same book every year, which has got to be a good racket! She is a New York Times Bestselling author, after all.
The Drs TV: Medical Tax Deductions
Dr. Travis asked Suze to tackle some medical questions about money. First up was Katie, who racked up medical bills last year after ankle surgery. She asked how much you have to spend “out of pocket” on medical expenses, to qualify for a tax deduction.
Suze said hopefully you don’t have to spend very much. However, the threshold is 7.5% of your Adjusted Gross Income. That could be quite a bit of money, which would probably mean you had a major medical issue during that tax year.
For financial advice about your specific situation, contact an accountant or tax professional in your area.
Out Of Pocket Healthcare
Kelly said she has a family history of Colon Cancer, and wants to have a Colonoscopy, but her insurance won’t cover it until she is older. She asked what her options are.
Suze said there is no cost effective approach if the insurance company won’t help out. She asked if Kelly can afford to pay for it herself. Kelly said she would have to save up for it. Suze said taking care of your body and health is paramount, and it’s worth saving or spending on.
Dr. Travis said sometimes you can challenge an insurance company and possibly get results. Suze said you should never take no for an answer when dealing with an insurance company. You are paying for it, and you have nothing to lose.
Medical Bills, Collections & Credit
Brenda wrote in to ask about a medical bill. She had a balance of $15, which she forgot about, and now the doctor submitted it to a collection agency, and it’s on her credit report. She asked if this is legal, and what she can do about it.
Suze said the amount doesn’t matter when it comes to the credit score. She said you should pay your bills, and if you’re not paying up to someone you owe, they have every right to send you to collections. She added that $15 is not worth ruining your credit.
The Doctors: Medical Overbilling
Dr. Travis explained that this was probably not a case where a doctor actively went after someone over $15. He said it was more likely an automatic process after a certain period of time, where unpaid bills are turned over to collections.
Suze said if you are overbilled by your doctor, that is another story, and it’s a good indication that the physician or health care provider is not ethical. That could be a red flag that you should find another doctor.