Insurance Methods And Pay Expectations

Abstract

There are so many various insurance companies with different methods of payment and expectation of payment. There is government insurance, Medicare and Medicaid, Commercial Insurances through employers, liability insurances and self pays. All have their own way of paying out. Some require deductibles and co-pays while others don't.

Insurance Methods and Pay Expectations

There are so many insurance companies and various ways of payments and even requirements, such as a deductable has to be met, or a co pay must be paid at the time of service. This paper deals with the various methods of insurances and payment expectations.

Government Insurance:

The two government insurances are Medicare and Medicaid. The Medicare insurance program is government insurance for those 65 years of age and over, and the disabled. This program is purposed to reduce health care costs. It usually only covers partial expenses accrued; not all of the expenses.

The purpose of the Medicaid government insurance is to provide the low income and children with their health care finances. They make the payment directly to the facility, not to the patient. Doctor visits, hospital and prescription drugs are covered under Medicaid, but not hearing, dental or vision is covered, unless under certain policies it is an emergency (HHS Government n.d.)

Under both Medicare and Medicaid, payment expectations for the hospital, is they reimburse the hospital after the patient is discharged.

Commercial Insurance:

Commercial insurance is where employees buy insurance from the employee's group policy. Companies such as Blue Cross and Blue Shield or Aetna and State Farm all sell commercial insurance. An employer may purchase a group policy for his employees. This is the cheapest way for an individual to buy healthcare for him and or his family. Today, because there has been an increase in the group policy rates, there are a lot of employees who are covered, yet they can't cover the premiums to cover their family members. The pay expectation is different for most the insurance companies. Some want to reimburse the insured, after insured pays the bills in full. Others will cover after deductibles are met, and they