Assets – Items of value that include but are not limited to checking accounts, saving accounts, trust funds, investments, property, and cars.
Coinsurance – The percentage of a healthcare service that the insured is responsible to pay.
Co-Payment – A pre-defined amount that you are required to pay at the time of a specific healthcare service
Deductible – An amount of money that the insured must pay before the insurance company pays for any health care services.
Earned Income – Earned income includes salary, wages, self-employment income, and tips earned by the patient, spouse, or parent.
Medicaid – A program that covers a wide range of healthcare services. Eligibility is determined based on income, family size, and medical condition. Since Medicaid is a program run by individual states eligibility requirements vary greatly.
Medicare – A program that pays for healthcare services. You may be eligible if you are over 65 years old or have a disability. This program has three parts. Part A covers most in-patient hospital bills, Part B covers doctor’s bills and outpatient hospital charges, and Part D covers most prescribed medication.
Unearned Income – Income received from Social Security, disability payments, retirement benefits, child support, alimony, interest earnings, dividends, and income from other sources (unemployment, workers compensation, etc.).