Insurance 101 for pt patients
InsuranceTo better understand the terms of your plan, you first must understand the terminology. Here are a few common questions regarding insurance lingo:
What is a deductible?
What is a Copay?
What is a Coinsurance?
This type of out-of-pocket payment is calculated as a percent of the total allowed amount for a particular service. In other words, it’s your share of the total cost. For example, let’s say:
- Your insurance plan’s allowed amount for an office visit is $100
- You’ve already met your deductible
- You’re responsible for a 20% coinsurance
What is a Coinsurance for Medicare Part B?
Medicare Part B patients are responsible for a 20% coinsurance, which typically amounts to $11-25 per visit. If you have original Medicare as your primary insurance, but you also have a secondary insurance, the secondary payer becomes responsible for the 20%. In some cases, the secondary insurance also charges a copay, coinsurance, or deductible, We recommend contacting your secondary insurance carrier to find out.
What if I can’t afford to pay these amounts as frequently as I need care?
Your health is our number-one priority. As such, we are happy to arrange a payment plan that works with your budget. That way, you can pay for your care over a time-frame that works for you. Simply ask to speak to our office/billing manager.