insurance

What is third-party payer?

 

What is third-party payer?

The Bankrate.com financial term of the day is: "third-party payer."

Third-party payer is a fancy way of referring to your health plan or health insurer. When you see a doctor or go in for a medical procedure, you'll pay a share of the bill, maybe through a copayment. The third-party payer will take care of the rest.

In the health care business, first there's the patient, or customer. The second party in any transaction is the provider -- namely, the doctor or hospital. The third-party payer is the HMO or insurance company that picks up much of the costs.

To compare insurance policies, get a quote by visiting the Insurance section at Bankrate.com.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CAR & MONEY NEWSLETTER

Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.

advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Cheap gas boosts holiday travel

With gas prices at the lowest they have been for Thanksgiving in five years, holiday travel this year will be up significantly, says AAA.  ... Read more


Connect with us