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Financial Resources
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At Sentara, we understand that health care expenses and understanding your insurance coverage and payment options can be overwhelming. The Sentara Brock Cancer Center can connect patients and their families to Financial Counselors ready to answer questions and help you put together a financial plan that works for you.
Understanding Your Health Insurance
We encourage you to explore your health insurance benefits and coverage as you go through your treatment. Coverage and benefits differ from one insurance company to another and the final determination of your benefits will be dictated by your insurance company after the time a claim is processed.
As a start, have a look at our “Top 8 Things a Newly Diagnosed Cancer Patient Needs to Know About Financial Issues” guide.
Common Insurance Terms
Co-Insurance
The percentage of health care costs an insured patient pays after meeting a healthcare plan’s yearly deductible. For example, an 80/20 coinsurance rate means that the insurance company pays 80% of approved healthcare costs, and the patient pays the remaining 20% of costs out-of-pocket. Your deductible must be paid first.
Co-Pay
A set fee that an insurance provider requires a patient to pay each time care is received. A specialist’s fee may be higher than the PCP. The amount of the co-pay is set by the insurance provider, not the doctor’s office. Some benefit plans require a co-pay for each radiation treatment.
Deductible
The amount of approved healthcare costs an insured patient must pay out-of-pocket each year before the healthcare plan begins paying any costs.
Effective Date
The date when your insurance begins to take effect.
Out-of-Pocket Maximum
This is the amount of co-insurance you are required to pay annually. Once this amount has been paid, you have met your cap, and insurance will begin to pay all applicable charges at 100% of the allowed amount. Co-pays and deductibles may or may not apply to this amount depending on your plan.
Precertification
The process of requesting approval from an insurance plan for specific services before they happen, such as a treatment, procedure, or hospital stay; also called pre-approval.
Premium
The amount a person or company pays each month to keep insurance coverage.
If you have further questions or want to know more about your specific coverage, please call “Member Services.” The telephone number is available at the back of your insurance card.
Research at your fingertips.
To help you navigate the patient education resources found on Sentara.com, we have pulled together key links in our Education section to make your research easier.
Visit Education Page