Medical Insurance Advocates (MIAs) can help individuals with a variety of accounting tasks related to their medical expenses. This includes:
- Organizing and understanding medical bills: identifying errors or discrepancies, and understanding what is covered by their insurance. This can be a daunting task for many people, especially those who are not familiar with medical billing.
- Negotiating with insurance companies: to get claims paid or to reduce the amount of the bill. This can save individuals a significant amount of money, especially if they have complex medical conditions or have received out-of-network care.
- Identifying tax deductions: this can include expenses such as copays, deductibles, and out-of-pocket costs.
- Working with charities and foundations: to help individuals obtain financial assistance for their medical expenses. This can be a valuable resource for people who are struggling to pay for their medical care.
CPAs can also play a role in helping individuals with their medical expenses. CPAs can:
- Provide tax advice: this includes things like how to claim medical expenses on their tax return and how to avoid common tax mistakes.
- Review medical bills: similar to MIAs, CPAs can help individuals save money and avoid having to pay for services that they did not receive or that were not covered by their insurance.
- Help with insurance claims: filing insurance claims and appeal denied claims. This can be a complex process, and CPAs can help make sure that everything is done correctly.
By working together, MIAs and CPAs can help individuals save money on their medical expenses and ensure that they are getting the financial assistance they need.
Are CPAs and MIAs the same thing?
CPAs are certified public accountants, while MIAs are medical insurance advocates. CPAs have a much broader scope of practice than MIAs, and they can provide a variety of services to individuals and businesses, including tax preparation, auditing, and financial planning. MIAs, on the other hand, specialize in helping individuals navigate the complex world of medical insurance. They can help individuals understand their insurance coverage, file insurance claims, and appeal denied claims. They can also help individuals identify tax deductions for medical expenses.
CPAs can help patients and medical professionals, but they typically focus on helping businesses. MIAs, on the other hand, typically focus on helping patients. However, there are some MIAs who also work with medical professionals, such as doctors and hospitals.
Here is a table that summarizes the key differences between CPAs and MIAs:
|Education and training||Earn a bachelor’s degree in accounting, pass the CPA exam, and meet state licensing requirements||Typically have a bachelor’s degree in a healthcare-related field, such as medical billing and coding, and may have additional training in medical insurance|
|Scope of practice||Broad, including tax preparation, auditing, financial planning, and more||Narrow, focused on helping individuals navigate the complex world of medical insurance|
|Typical clients||Businesses of all sizes, individuals||Individuals|
What’s better for my situation?
For medical professionals, MIAs can be a valuable resource for helping patients navigate the complex world of medical insurance. MIAs can help medical professionals understand their patients’ insurance coverage, file insurance claims, and appeal denied claims. They can also help medical professionals identify tax deductions for medical expenses.
Similarly, CPAs can also be a valuable resource for medical professionals. CPAs can help medical professionals with their tax preparation, auditing, and financial planning. They can also help medical professionals with their billing and coding practices.
Patients/individuals can also benefit from MIAs or CPAs. Both professionals can be a valuable resource for helping them understand their medical insurance coverage, file insurance claims, and appeal denied claims. They can also help patients/individuals identify tax deductions for medical expenses.
Ultimately, the best way for patients/individuals and medical professionals to decide which professional is right for them is to meet with both and get a feel for their experience and expertise.
Image by Mohamed Hassan