premium
A premium is the amount of money charged by your insurance company for the plan you’ve chosen. It is usually paid on a monthly basis, but can be billed a number of ways. You must pay your premium to keep your coverage active, regardless of whether you use it or not.
What is the fee an individual pays for insurance coverage?
When you sign up for an insurance policy, your insurer will charge you a premium. This is the amount you pay for the policy. Policyholders may choose from a number of options for paying their insurance premiums.
What do you mean by pre-paid health insurance?
“Pre-paid” or “capitated” insurance plans in which individuals or their employers pay a fixed monthly fee for the delivery of health care services, instead of paying for each visit or service individually.
What does monthly payment in health insurance mean?
The monthly payment that covers specified, contracted services and is paid in advance of its delivery. Essentially, a provider agrees to provide the specified services to a plan’s members for this fixed, predetermined fee, regardless of how many or what type of services the members use.
How are payments made on a health insurance plan?
The payments paid for medical services covered by a plan. The payments may be made to reimburse a covered individual for paying a bill, or, if assigned by the member, they can be made directly to the doctor or hospital. The monthly payment that covers specified, contracted services and is paid in advance of its delivery.
What does it mean to receive a claim from an insurance company?
An official notification to an insurer that an individual who is covered by a plan has received care. The claim also is a request for benefit payment. Providers usually submit an Attending Physician’s Statement (APS) on behalf of their patients.
