Chiropractic Insurance Co-Pays and Deductibles

After fulfilling the deductible amount required before the insurance carrier pays, virtually all insurance policies require some type of patient co-pay. Here’s what these and other insurance-related terms mean:

Assignment—An agreement between a doctor and a patient to waive payment until a claim is paid by an insurance company, which is then paid directly to the doctor.

Co-pay—An amount paid by the insured for losses covered by a policy after the deductible amount has been met.

Deductible—An out-of-pocket expense that a policyholder pays before insurance covers any of the costs.

Insurance—A policy in which you pay a company premiums to assume the risk that they might have to pay you back a lot more for treatments necessary for symptom relief.

Maximum medical improvement—The point in the patient’s care when they reach their pre-incident or accident condition, which usually results in ending an insurance company’s further obligation to pay.

Out-of-network—A provision for reimbursement of services by a provider who is not a member of the patient’s HMO; this usually involves a higher co-pay or a reduction in reimbursement.

Reimbursement—The payment of the expenses incurred because of an accident or sickness, up to the specific limit specified in the policy.

Worker’s Compensation—A type of insurance that covers employee illnesses, injuries and disabilities occurring in the course of and as a result of their employment.

What happens when your chiropractic insurance coverage runs out? Read on…