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What terms is the amount of money you must pay each year to cover your medical care expenses before your insurance policy starts paying?
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∙ 12y ago
Deductible - A+
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∙ 12y ago
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Which terms is the amount of money you most pay each year to cover your medical care expenses before your insurance policy stars paying?
Deductible
Which term refers to the amount of money you must pay each year to cover your medical expenses before your insurance policy starts paying?
Deductible - A+
Which term refers to the amount of money you must pay each year to cover your medical expenses before your insurance policy starts playing?
It is referred to as the deductable
What are three reasons a claim can be returned by insurance companies?
Medical expenses were incurred before insurance coverage, noncovered service deemed not a medical necessity, provider's address, PIN, or group number is missing.
What happens if medical expenses exceed auto insurance coverage after an auto accident?
1. Most states have a requirement that a registrant of an auto maintain "personal injury protection" (PIP) coverage (altho the name may be different). This is the essence of so-called no-fault auto insurance. Essentially, it pays a percentage of the insured's own medical bills and lost wages, up to a maximum amount, arising from an auto collision. It pays those expenses irrespective of fault for the collision. 2. Most insurers also offer a Medical Payments coverage. This is often an optional coverage. It pays an additional amount toward medical expenses , and often coordinates with the PIP coverage. Therefore, if the PIP coverage pays 80% of the medical bills, up to the policy limits, the medical payments coverage will pay the remaining 20% up to its policy limits. 3. If medical expenses exceed #1 and #2, one's major medical insurance is triggered. The auto insurance is "primary" in the sense that its benefits have to be exhausted before major medical insurance is called upon to pay. This is because auto insurance is required by state "financial responsibility laws" and for the further reason that it and the major medical insurance contain "coordination of benefits" provisions making the auto insurance primary. 4. If medical expenses still exceed the total available auto insurance and major medical insurance (including, if there is no major medical insurance), the injured party/insured is personally responsible for unpaid amounts. In this situation, the health care provider frequently is willing to work out payment arrangements. Alternatively, the unpaid amounts may be discharged in bankruptcy, but this is a very drastic step and should be avoided if at all possible.
What is a health insurance co pay?
Generally, a co-pay is a fixed amount that you're responsible for before the insurance coverage starts for a particular medical service.
Do you pay for medical appointments in America if you have insurance?
It all depends on the Insurance plan that the patient is filed under. some plans require a certain amount to be payed out of your pocket before the insurance will pay.
What is the amount that an insured person must pay before reimbursement for medical expenses begins?
Your health insurance policy will specify DEDUCTIBLE amounts on the Declarations page (usually the first page) of the insurance policy. This is the amount that you must initially pay before the insurer is on the risk for any payment. Additionally, there are copayments, also specified in the policy, for which you will be responsible. These recognize that the insurer is only responsible for a portion of covered expenses incurred. An example is that the insurer would pay 80% of the covered expanse, and the copayment would therefore be 20%, which would be the insured's responsibility.
If pre-existing is covered does chronic conditions also covered?
As long as the policy you have covers the condition or medical services you are receiving, yes it will cover these expenses. You best bet is to call your insurance company before hand and clear the expenses with them first then they can answer this for you and tell you of any stipulations such as generic medications required.
What is a deductible in auto insurance?
A deductible in any kind of insurance is, basically, the minimum amount before the insurance "kicks in." On any repairs covered by your insurance, you will have to pay the deductible amount before the insurance will pay anything.
What does deductible and coinsurance mean?
On a health insurance policy, a "deductible" is a specified amount which the insured/beneficiary must pay out of their own pocket, before their insurance will pay any covered medical services. After the deductible amount is met, a "coinsurance" is a percentage amount which the insured/beneficiary is responsible for. For example, if an insurance policy is an "80/20 plan", this means that the insurance company pays 80% of medical services, and the patient (insured) is responsible to pay the remaining 20% (coinsurance).
Are funeral expenses to be paid before the insurance proceeds are divided if the beneficiaries on the life insurance policy are minors?
Funeral Expenses and costs are determined by the funeral home providing the services not by the probate process. Funeral expenses should be paid promptly and if agreed, reimbursed later.
