Due to the rising cost of healthcare, we have updated our “Patient Financial Responsibility Policy.”
Please review these updates with our financial policy below.
What is a deductible?
A deductible is the amount you pay for health care services before your health insurance begins to pay.
How it works: If your plan’s deductible is $1,500, you’ll pay 100 percent of eligible health care expenses until the bills total $1,500. After that, you share the cost with your plan by paying coinsurance.
On the date of service, your deductible accumulation will be verified. Any deductible remaining will be your responsibility to pay upon check-in. We will estimate the cost of your services based on your insurance’s contractual allowed amount. These amounts are not a guarantee of your full financial liability, and any overpayments made by the patient will be promptly refunded upon receipt of your finalized insurance claim for that date of service.
What is coinsurance?
Coinsurance is your share of the costs of a health care service. It's usually figured as a percentage of the amount your insurance allows for each service.
How it works: You’ve paid $1,500 in health care expenses and met your deductible. When you go to the doctor, instead of paying all costs, you and your plan share the cost. For example, your plan pays 70 percent. The 30 percent you pay is your coinsurance.
On the date of service, your co-insurance will be verified. We will estimate the cost of your services based on your insurance’s contractual allowed amounts. These amounts are not a guarantee of your full financial liability, and any overpayments made by the patient will be refunded promptly upon receipt of your finalized insurance claim for that date of service.
What is a copay?
A copay is a fixed amount you pay for a health care service when you receive the service. The amount can vary by the type of insurance policy the patient has or the type of provider the patient is being treated by.
How it works: Your plan determines what your copay is. Our Provider is a specialist, and the specialist copay amount will be collected on the date of service. You may have a copay before you’ve finished paying toward your deductible. You may also have a copay after you pay your deductible, and when you owe coinsurance.
These copays may be listed on the patient’s insurance card, and if not, they are always specified in the patient’s insurance benefit manual. You can also log in to your insurance account or register for one where all information pertaining to any deductibles, co-insurances and copays will be listed.
If you have any questions pertaining to your deductible, your co-insurance responsibility, or what your copay will be, please contact your insurance company.