Before I started working for Comprehensive Physical Therapy Center, I knew very little about insurance. Now I know more than I ever thought I would know, and boy can they be confusing!
There are three very important words to know when you are figuring out your insurance coverage and they are: deductible, copay and coinsurance.
A deductible with an insurance company is the amount of money you have to pay out of your own pocket before the insurance will cover anything. Sometimes that is pretty scary! This does not mean you will be paying the full cost of something. The insurance will take the claim, and reduce it down to what they would have paid, and that amount becomes your responsibility.
A copay is the amount of money you owe at each visit. Most offices require you pay this copay upfront before treatment is even started with you. It is always good to be prepared and have your copay ready when you walk in the door.
Co-insurance is a percentage of money that your insurance company turns over to you. This one is the hardest to understand, and narrows down to a specific amount of money. The insurance company reduces down the claim, pays the percentage, and then turns the rest over to you.
Since it’s a percentage, there is no real way of telling exactly what you may owe, and it depends on what kind of treatment is done during the appointment.
Like I said, insurances can be confusing and scary! Always feel free to call your insurance ahead of time, or ask someone from our office to help you figure it out. Our job is to be there for our patients and we are gladly willing to help them out!
-Amber, Billing Specialist