3 Common Misconceptions About Patient Financial Responsibility

Determining what you're going to have to pay for treatment can be confusing and unclear. You might have trouble understanding what your insurance plan covers or what types of plans your doctor accepts. You're not alone. There are several common misconceptions about patient financial responsibility that you might also believe.

FinPay wants to help make navigating your financial responsibilities easier. With resources to help you understand what you will have to pay for out-of-pocket and tailored payment plans that fit your budget, you can be confident in your care plan. Learn more about our solutions for patients by emailing info@finpay.com today.

What Is Patient Financial Responsibility?

Patient financial responsibility is the amount of money that you are responsible for paying when you receive medical care. It’s usually in the form of a copayment, coinsurance, or deductible. All three terms refer to different costs associated with your policy and can be confusing to understand.

• Copay – Copays are usually a set fee that you pay when you receive care. These are predetermined by your plan, such as a $25 fee for visiting a family doctor or $75 to visit a specialist.
• Coinsurance – Coinsurance is a percentage of the service cost that you pay, usually after you've met your deductible. For example, after you meet your deductible, you may be responsible for 25% of the cost of subsequent services while your provider covers 75%.
• Deductible – A deductible is an amount of money that must be paid before the insurance company will cover any other costs. If you have a $6,000 deductible, you will spend that much on many out-of-pocket for many services before insurance covers the cost of your medical care.

Knowing what types of coverage and plans are accepted by your provider is key to understanding what you will owe.

3 Common Misconceptions About Patient Financial Responsibility

If your medical coverage is confusing, you're not alone. Keep reading to uncover the truth behind common myths about patient financial responsibility:

1. Patients Should Be Responsible for All Costs of Their Care

It is not true that patients have to pay for all the costs of their care. Insurance plans can cover some of the costs, and there are also payment plans available that can help make it easier to pay.

Patients can expect to pay various expenses out-of-pocket, depending on their insurance coverage and plan. However, it is important to remember that all providers accept different plans and may offer their own payment plans to help make a higher cost more affordable.

2. All Medical Providers Accept the Same Insurance Plans

Every medical provider has different insurance policies in place, which means they may not accept the same insurance plans or offer the same financial assistance programs. It's important to contact your provider or the billing department of the hospital before making any decisions about care.

3. All Medical Bills Are Negotiable

It is not true that all medical bills are negotiable, as some providers do not offer discounts or payment plans. Each hospital or physician's office will have its own policies regarding payment options, so it is important to ask about any discounts or special programs that may be available. However, some large bills may be negotiated at certain medical care centers. It is best to contact your provider to discuss the issue.

Understand Your Patient Financial Responsibility with FinPay

It can be easy to believe common misconceptions about patient financial responsibility, but with the right information, you can make informed decisions about your care. At FinPay, we strive to provide resources and payment plans that make it easier for you to get the care you need without worrying about the cost. Email info@finpay.com for more information.