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Key Terms Relateds to Health Insurance
Violation of your terms and conditions agreement; … moreViolation of your terms and conditions agreement; failure to pay your loan / credit card as agreed.
The amount that an insured party pays each time th … moreThe amount that an insured party pays each time they receive medical treatment as part of a cost-sharing agreement with the insurance company. A copayment (also known as a copay) is typically a fixed amount under $25, but it can vary based on the type of service provided (e.g. doctor's office visit vs. having a prescription filled).
Copayments are due at the time a service is provided.
Copayments are due at the time a service is provided.
The out-of-pocket cost a policyholder must pay bef … moreThe out-of-pocket cost a policyholder must pay before insurance will begin to pay for a claim.
Generally speaking, an insurance policy with low deductibles will have higher premiums than an insurance policy with high deductibles.
Generally speaking, an insurance policy with low deductibles will have higher premiums than an insurance policy with high deductibles.
A cost-sharing insurance structure that requires t … moreA cost-sharing insurance structure that requires the insured party to pay a certain percentage of his or her own medical bills after the deductible has been paid.
Coinsurance is similar to a plan that requires the insured to make a copayment; however, a copayment is a flat fee due each time medical services are rendered.
Coinsurance is similar to a plan that requires the insured to make a copayment; however, a copayment is a flat fee due each time medical services are rendered.
The recurring price of maintaining an insurance po … moreThe recurring price of maintaining an insurance policy, essentially a subscription fee.
Most insurance companies charge their customers monthly or annual premiums in return for their providing financial support if and when a covered event takes place. A premium differs from a copayment or coinsurance in the sense that it represents the basic cost of maintaining a policy and is not dependent on services rendered.
Most insurance companies charge their customers monthly or annual premiums in return for their providing financial support if and when a covered event takes place. A premium differs from a copayment or coinsurance in the sense that it represents the basic cost of maintaining a policy and is not dependent on services rendered.
A type of medical insurance in which care is monit … moreA type of medical insurance in which care is monitored by a central organization and the insured party can only visit certain doctors and hospitals.
POS insurance plans as well as the plans offered through HMOs and PPOs are considered managed care plans.
POS insurance plans as well as the plans offered through HMOs and PPOs are considered managed care plans.
One party assuming the legal rights of another par … moreOne party assuming the legal rights of another party to collect a debt or damages.
Insurance companies use subrogration to recover funds from another individual or insurer that you or your insurance company have already paid. One common example of this is when your own insurer pays a claim before fault has been determined in an auto accident. Insurance companies also use subrogation when the insurer who pays out for a claim is not the primary source of insurance for that loss.
Learn more about subrogation.
Insurance companies use subrogration to recover funds from another individual or insurer that you or your insurance company have already paid. One common example of this is when your own insurer pays a claim before fault has been determined in an auto accident. Insurance companies also use subrogation when the insurer who pays out for a claim is not the primary source of insurance for that loss.
Learn more about subrogation.
The first page (or pages) of an insurance policy t … moreThe first page (or pages) of an insurance policy that defines who is covered, what losses are covered, the term of the policy and other important information about the insurance coverage being provided.