click below
click below
Normal Size Small Size show me how
insurance terms
insurance terminology
Term | Definition |
---|---|
Advance beneficiary notice (ABN) | form provided to the patient when the provider believes medicare will probably not pay for services received |
allowed amount | the maximum amount a third party payer will pay for a particular procedure or service. |
copayment | an amount of money that is paid at the time of medical service. |
coinsurance | a policy provision frequently found in medical insurance whereby the policyholder and the insurance company share the cost of covered losses in a specified ratio, such as 80:20 |
deductible | a specific amount of money a patient must pay out of pocket before the insurance carrier begins playing |
explanation of benefits | a statement from the insurance carrier detailing what was paid, denied, or reduced in payment; also contains info about amounts applied to the deductible, coinsurance, and allowed amounts. |
participating provider (PAR) | providers who agree to write off the difference |