What is assignment of benefits?
The Bankrate.com financial term of the day is: "assignment of benefits."
Often when you have insurance and you have to use it, you pay first, out of your own pocket, for your covered loss or service. Then, you wait anxiously for your insurer to reimburse you. Health insurance can be a little easier on your nerves, thanks to something called "assignment of benefits." It's an arrangement in which your health plan pays the doctor or hospital directly.
Through assignment of benefits, you don't have to play middle man -- or woman -- between your health insurer and medical providers such as doctors and hospitals. Your plan pays your benefits directly to them.
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