Billing Term Glossary

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Guarantor

The person responsible for paying the bill.

Deductible

An amount determined by the insurance company to be paid on an annual basis before benefits are paid to the provider.

Covered Services

Specific services or supplies for which your insurance reimburses you or pays your health care provider. These consist of a combination of mandatory and optional services and vary by [...]

Coordination of Benefits (COB)

How insurance organizations determine the primary payment source when you're covered under more than one insurance organization or group medical plan. Your insurance contract states that if you are [...]

Co-payment/Coinsurance

An amount established by the insurance company as the patient's responsibility of billed fees.

Charges

Debt incurred for medical service a health care provider or medical facility provided.

Balance

The amount owed to LifeNet as indicated on the billing statement.

Assignment of Benefits

An agreement in which you instruct your insurance organization to pay the hospital, physician or medical supplier directly for your medical services. Your insurance organization decides the payment rate.

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