Final answer:
A schedule of benefits outlines covered medical expenses in a health plan, including payment details. Understanding health insurance terms like premiums and deductibles is crucial for individuals. Explanation of benefits helps patients understand coverage for medical services.
Explanation:
Schedule of benefits is the correct term for a list of medical expenses covered by a health plan. It is a document that outlines what medical services are covered, along with details on payment amounts and patient responsibilities.
For example, an explanation of benefits is sent by an insurer to a patient to explain coverage for a medical service and how payment responsibilities are determined, including premiums, deductibles, and co-payments.
Understanding terms like premiums, deductibles, co-payments, and schedules of benefits are essential for individuals navigating health insurance.
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