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What does the term co-insurance mean on health insurance policies?
Wiki User
∙ 12y ago
In health policies co-insurance is a percentage of covered expenses that insured is required to pay in addition to co-payment and deductible
For example if you have an 80/20 plan, the insurance company pays 80% for covered services after you've met your deductible. You pay the remaining 20%, up to your out-of-pocket maximum.
Wiki User
∙ 12y ago
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What does PCY on health insurance coinsurance mean?
PCY: Per Calender Year
What does coinsurance on health insurance mean?
Coninsurance is the amount you are required to pay for medical care in a fee-for-service plan after you have met your deductible. The coinsurance rate is usually expressed as a percentage. For example, if the insurance company pays 80 percent of the claim, you pay 20 percent.
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).
What is the meaning of SRCC by insurance?
The reference to SRCC in an insurance policy is generally taken to mean "Strike, Riot or Civil Commotion". It is a fairly standard exclusion (non-covered occurrence) in many insurance policies, including health policies.
What does coinsurance mean in medical insurance's?
It's secondary or tertiary insurance that is held to cover any medical expenses the primary insurance policy does not cover or does not cover completely.
What does the term 'premium volume' mean?
The term premium volume is a measure of in-force business in a health insurance company. In-force business refers to the aggregate total of insurance policies which are being paid that a health insurance firm has on its record.
What does 5 percent default combined medical and drug coinsurance under the deductible section of a health plan mean?
It means that the insurance has a maximum payout combining costs of drugs, hospitals, doctor visits, therapy, etc. Insurance is a business and they want to make money.
What does it means to re rank the insurance policies on an encounter?
what does it mean to re-rank the insurance policies on an encounter
What does Health Insurance Provider mean?
Health Insurance Company
What does eighty twenty coinsurance mean?
Eighty twenty coinsurance is usually expressed 80/20 by insurance companies. The first number (80) represents the percentage of payment an insurance company will pay for a service and the second number (20) is the percentage the person receiving the service is required to pay. Other popular coinsurance amounts are 70/30, 60/40, 50/50. It is important to note a couple of factors in determining when an insurance company will pay coinsurance. First, an insurance company will only pay 80% on what the insurance considers the "allowed" amount of a fee. Generally insurance companies have fee schedules which designate the maximum amount they will pay on any particular service. This allowed amount could be more or less than the fee that is charged for the service (usually the allowed amount is lower than the fee). Second, an insurance company will only pay 80% for services rendered after the insured has satisified their deductible. Therefore, if your insurance policy has a deductible of $500, the insured must pay out $500 towards their claims then insurance companies will consider paying 80% coinsurance on the remaining balance of unpaid services. Coinsurance does not apply to deductible amounts. Third, the service that is rendered must be a covered service under the insurance policy. If the service is not a covered service most insurance policies will not pay for the service, and usually it does not apply towards the deductible either. Lastly, if the provider of the service does not have a contract with your insurance company, the insured will most likely owe the difference between the allowed amount of the insurance company and the billed amount from the provider. Coinsurance does not apply to the portion of the fee that exceeds the insurance companies allowed amount. Billing the insured for this difference is referred to as balance billing.
Can you go to jail for illegally selling insurance?
If you mean fake insurance policies, then yes.
Are there any books which help a new Life Insurance Agent to understand how policies are made?
Please clarify what you mean by "how policies are made". If that is what you literally mean, insurance policies are drafted by the insurer for sale by producers (agents and brokers).
