Description
A third-party payer manages healthcare expenses for the insured (patient) and other covered parties and provides reimbursement for treatment and services covered under a contractual agreement between the insured and the payer. Several examples of third-party payers include HMOs, PPOs, Medicare, and Workers' Compensation. Select two of the third-party payers to compare and contrast based on your readings.
Consider in your discussion the differences and similarities in access to providers, choice of provider, out-of-pocket costs to the patient such as required co-pays and coinsurance and deductibles, and appeals for denied services. Identify based on your comparisons which type of plan you would prefer as a patient and why.
200 Word Minimum
Explanation & Answer
Attached.
Running head: THIRD-PARTY PAYER COMPARISONS
Third-Party Payer Comparisons
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THIRD-PARTY PAYER COMPARISONS
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Third-Party Payer Comparisons
Health insurance is different from other types of insurance in a lot of ways. When a
customer buys an auto insurance or life assurance, he or she only pays the premium and get
whatever coverage that the person is entitled to during an accident or the beneficiary in case of
the death of the policyholder. In health insurance, the person pays the premium and other
payments known as deductibles, prescription cost, and doctor visit. These complicated and
continuing costs are the main reason why people should understand th...
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