2019 Financial Policy update
With the new year underway, we would like to share with you our Financial and Office Policies. These policies are designed to enhance our operating efficiency.
FAQ'S (Frequently asked questions)
What are deductibles and how does that effect my children?
An annual deductible is the dollar amount you must pay out of pocket during the year for medical expenses before your insurance coverage begins to pay.
For example, if your policy has an individual deductible of $3,000.00, you must pay the first $3000.00 per individual family member before the insurance company starts to pay for any services.
This is similar to the deductibles with when you have a deductible for auto, home, or renter's plans insurance.
When does a deductible begin?
Your deductible begins at the start of your plan year. Most plan years begin either January 1 or July 1, but plans can start on any date.
Why is a financial update happening now?
January 1 is the date that most insurance plans 'reset' in terms of annual deductibles, and the date that many flexible spending account balances are refilled. With the changing environment in healthcare, in particular with the Affordable Care Act and the increase in Deductible Health Plans, more responsibility of payment for medical care is being placed on the patients. In order to continue to deliver the highest quality of care to your family, we as a practice and as a business needed to revise our financial procedures.
When do I have to pay for services?
Anytime you receive medical care, you are expected to pay all current and outstanding balances this may include balances for which you have not yet received a statement. You will be expected to pay all co-pays and a portion of the office visit deductible prior to the day's services.
How will I know when my deductible has been met and how much I will owe?
Health Insurance Companies provide the policyholder with an Explanation of Benefits (EOB), as well as online access to view your benefits. You can call your insurer, log onto the insurer's website, or receive mailed EOB's. Every time your child receives medical services, you will receive notification from the insurance company with how much they processed toward your responsibility about 10-20 days after your appointment has been billed.
Our practice reviews eligibility transmittals using the insurance information provided to us by you. From there we can see the if there is a deductible, co-payment, or co-insurance. If we see there is a deductible, we are collecting a portion at the time of the visit. We will bill you for any remaining charges beyond what is collected.
What we suggest
We suggest knowing your insurance plan. We understand that they can be confusing, but insurances have customer representatives who can help you understand your policy. Remember most employers offer health savings accounts, flexible spending accounts, and health reimbursement accounts that are meant for medical expenses.
We thank you for your continued patronage.
Most major insurance plans are accepted. All balances must be satisfied PRIOR to preventative visits. Cash, personal checks, MC/Visa, Amer. Express, Discover, debit & credit are accepted for payment on all accounts.
- Anthem Blue Cross/Blueshield
- Harvard Pilgrim Health Care
- Health New England (not HMO)
- Private Health Care Systems (PHCS)
- United Healthcare
If you have a question regarding your specific plan please check with your insurance to see if our providers are in-network (there are so many select plans that have specific provisions it is best to go to the insurer). You may contact our Business Office if needed (860-231-8453).