ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Coordination of benefits
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Portion of the cost of service to be paid by the insured (a set dollar amount)
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Term of conditions not covered by the insurance company
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Provider bill for service
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Detailed explanation-1: -Co-payment is the percentage of the claim that the insured agrees to pay from his/her pocket irrespective of the claim amount. It usually varies from 10% to 30% and is insisted mostly under senior citizen health insurance policies. The insurer only pays the balance claim amount.
Detailed explanation-2: -Co-pay (co-payment) in health insurance is the percentage of the claim amount that the policyholder has to pay from their own pocket under a health insurance policy. The rest of the amount is paid by the. Read More.
Detailed explanation-3: -A copay is a set rate you pay for prescriptions, doctor visits, and other types of care. Coinsurance is the percentage of costs you pay after you’ve met your deductible. A deductible is the set amount you pay for medical services and prescriptions before your coinsurance kicks in fully.
Detailed explanation-4: -One of the most common coinsurance breakdowns is the 80/20 split. Under the terms of an 80/20 coinsurance plan, the insured is billed for 20% of medical costs, while the insurer pays the remaining 80%. 2.