A patient has a high-deductible health plan and has just started their treatment for a chronic condition. The billing department needs to record the amount the patient needs to pay before their insurance starts to contribute. Which financial term best describes this amount?
The deductible is the amount a patient is required to pay out-of-pocket before their insurance company begins to cover the costs of their healthcare services. Understanding the term 'deductible' is essential for managing patient accounts accurately and ensuring clarity in patient billing.
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What is a high-deductible health plan (HDHP)?
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