Insurance Products 101 for Therapists in Private Practice

June 21, 2017

Insurance Products 101 for Therapists in Private Practice

Insurance can be a confusing matter for any therapists in private practice, with hundreds and hundreds of products on offer.

Once you are running a private practice and accept insurance, you need to know what the different available means of insurance entail.

This will be important for you to understand how much to charge, and who to charge. The following summary of available insurance types will help you through the billing process:

Co-Pay: amount (depending on the service) a client has to pay before the deductible kicks in.

Co-Insurance: similar to co-pay, but kicks in after the deductible is met and usually comes in the form of a percentage; co-insurance is paid until the patient has met an out-of pocket limit.

Insurance Products 101 for Therapists in Private Practice

Insurance Products 101 for Therapists in Private Practice

Out Of Pocket Limit: an out of pocket limit is exactly what the name describes - a limit to how much money a patient has to pay.

That means there is a limit to how much co-insurance is charged on top of the deductibles. Once the limit is reached, the insurance will cover 100% of the costs.

Medicaid: insurance coverage for people living on low-incomes or suffer from a disability. This type of insurance is financed by the government and is available through the public assistance office.

If you’d like to get credentialed with Medicaid, you need to contact the manager for your state and area.

Medicare: this type of insurance is put in place by the government for patients aged 65 and older living on social security, disabled people receiving Social Security Disability or Supplemental Security Income. However, in contrast to Medicaid only licensed clinical social workers can accept Medicare.

Let Therasoft take the mystery out of tracking all your insurance details.

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