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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 |
Created by:
elshalance
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