08/12/2025
🌟 Understanding Basic Medical Billing Terms 🌟
Navigating the world of medical billing can be tricky, especially for patients. Here are some essential terms you should know:
1. Premium: The amount you pay for your health insurance every month.
2. Deductible: The amount you must spend out-of-pocket before your insurance kicks in.
3. Copayment (Copay): A fixed amount you pay for a specific service or prescription, typically at the time of the visit.
4. Coinsurance: The percentage of costs you share with your insurance after meeting your deductible.
5. Claim: A request sent to your insurance company to receive payment for services rendered.
6. Explanation of Benefits (EOB): A document from your insurance that outlines what services were covered, how much was paid, and what you owe.
7. Out-of-Pocket Maximum: The maximum amount you have to pay out-of-pocket in a year. Once you reach this, your insurance covers 100% of services.
Understanding these terms can help you manage your healthcare expenses more effectively! 🏥💰
Have questions? Feel free to drop them in the comments below! ⬇️
