Insurance is an essential tool for gaining access to the necessary treatment to recover. Health insurance can help pay for mental health care needs such as checkups, specialist visits, emergency care, and hospitalization. In most cases, insurance will cover the entire cost of medical services.
Getting insured or reviewing your current insurance plan may appear challenging, but knowing the fundamentals can help you safely navigate the system.
Insurance companies frequently use the following terms to define policies; however, this information is not intended to replace the language used in your policy.
Frequently Used Insurance Terminologies
Co-insurance
Co-insurance is typically expressed as a percentage. After you have met your deductible, the amount you must pay for medical care in a fee-for-service plan. e.g., if your health insurance company pays 80% of the claim, you pay 20%.
Co-Payment
A sum of money that a person with health insurance must pay at each doctor’s visit or when purchasing medicine.
Deductible
You must pay the amount of money each year before your health insurance policy begins to pay for your medical expenses.
Explanation of Benefits (EOB)
It is a valuable tool that shows you how your bill is divided among the medical service provider(s), your insurance, and you. It can assist you in receiving the full benefit or discount to which you are entitled under your insurance policy.
Coordination of benefits (COB)
It is a process that occurs when multiple insurance plans may cover the services provided. Insurance companies coordinate benefits by adhering to certain general principles to determine the order in which each will pay. The primary payer bears most of the cost, with secondary payers covering a portion of the remainder. Insurance companies determine the order before paying claims to pay the correct amount.
Non-cancellable Policy
A policy that ensures you will be able to obtain health insurance as long as you pay the premium. It’s also known as a guaranteed renewable policy.
Provider
Any person (doctor, nurse, or dentist) or organization (hospital or clinic) that offers healthcare care is referred to as a provider.
Preferred provider organization (PPO)
It is a popular type of health insurance plan for individuals and families. PPOs use networks of contracted medical professionals and health insurance companies.
Covered Expenses
Every insurance company specifies which medical treatments, accidents, or other occurrences it will cover as part of your policy. Specific incidents are typically covered by health insurance, life insurance, dental insurance, auto insurance, and home insurance providers.
Health Insurance Types
Understanding the differences between health insurance plans can assist a person in deciding on the availability of the best suitable method. The type of plan chosen determines the level of coverage and the availability of services and mental health professionals.
The common types of health insurance include Medicare, chip, Tricare, and health care. When insurance is provided through a job or government programs, there may be fewer health plans from which to choose. If your employer does not offer insurance or you are not enrolled in a government program, the Health Insurance Marketplace provides additional insurance options.
Navigate Your Insurance Policy
There are various methods to navigate your insurance policy; some are discussed as follows.
1. information about your plan
You must be completely aware of all the dimensions of your insurance plan. Do this for all of your insurance policies, including medical, dental, and prescription.
2) Understand how to keep in touch with your plan.
Phone numbers and websites play an essential role in keeping in touch with the insurance plan. If your plan includes an online portal, set up your account, and keep your user name and password safe.
3) Have you been assigned a case manager?
Many insurance companies would also assign a case manager to people with complex health issues. Insurance case managers can assist you in navigating your coverage and troubleshooting, and advocating for you. But keep in mind that they are workers of the insurance company.
4) Keep a written record of every phone call you make to your insurance company.
Please keep a record of the date and time of the call, who you spoke with, which department they work in, and the main points of the conversation. If the call is being recorded, there may be a recording ID. Rings are frequently assigned reference numbers. Get a call reference number and keep it with your call notes.
5) Demand a supervisor if required.
If you don’t feel like you’re getting the answers you need, it’s okay to ask for more assistance.
6) Keep all forms of documentation in a single location.
Get a folder or binder and store anything insurance-related in it. Paper documents can also be scanned and saved to a specific folder on your computer. Make a backup copy of anything you save electronically, whether on a flash drive or in the google drive.
7) In an emergency, share your insurance information with a trusted family member or best friend.
If you cannot do so, this person can provide insurance information to providers. That can hopefully minimize delays in receiving care.
8) Keep your insurance cards safe.
There is health insurance fraud. Treat your insurance cards as you would your credit cards. Keep them in a secure location and notify your insurance company immediately if your cards are lost or stolen.
9) Understand your options for appealing a service denial.
If your insurance company refuses to pay for a service, diagnosis, or checkup, you and your healthcare professional can appeal. When you receive a denial notice, you will be instructed on how to appeal the decision. If you are not given a service, notify your healthcare provider immediately and submit an appeal.
10. Update your insurance plan annually
Many healthcare providers will scan copies of your insurance card into your electronic medical record (EMR). Update this information with the registration staff at most of your provider’s offices whenever you get a new card or change plans.
For further information, visit our website www.billingexecutive.com.
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