The following are definitions of some of the terms I talk about on this web site that will help you save money on your out of pocket cancer treatment costs.
Co-payment (Co-pay) – A dollar amount set by your insurance provider required to be paid by a patient each time care is received. For example, a visit to the doctor may cost a patient $30 each time, and the insurance company will pay the balance of the visits costs. The amount of the co-pay is set by the insurance provider and not the doctor’s office.
Explanation of Benefits (EOB) – A document from your insurance administrator that outlines what portion of the provider’s charges are eligible for benefits under your insurance plan. An EOB is not a bill, but it explains what was covered by insurance. Your provider may bill you separately for any charges you’re still responsible for.
Deductible – The amount of approved health care costs an insured patient must pay out of pocket each year before the health care plan begins paying any costs.
Generic medication – Once the patent on a brand-name medication has run out, other drug companies are allowed to sell a version of the drug that is a duplicate of the original. Generic drugs are typically cheaper, and most prescription and health plans encourage use of generics.
Out-of-pocket – The portion of health care expenses a patient must pay when a treatment or service is not covered by insurance. This may include expenses directly related to your treatment such as doctor visits, laboratory tests, x-rays, surgery, MRI, mammogram, Pet scan, radiation treatment, and medications.
Chemotherapy – (Chemo) is a category of cancer treatment that uses one or more anticancer drugs as part of a standardized chemotherapy treatment. Chemotherapy may be given with a curative intent (which almost always involves combinations of drugs), or it may aim to prolong life or to reduce symptoms.
Retro – (retroactive) to go back in time, how far the grant program will allow you to go back in time to use your benefits on treatments you have already received before you were actually “approved” for a grant award. Some grant programs will allow you to use your awarded grant benefits on treatments that you already received 30-180 days before you were actually approved for the grant program.
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