The idea behind coordination of benefits is to ensure that the payments of both plans do not exceed 100% of the covered charges. Coordination of benefits (COB) allows plans that provide health and/or prescription coverage for a person with Medicare to determine their respective payment responsibilities (i.e., determine which insurance plan has the primary payment responsibility and the extent to which the other plans will contribute when an individual is covered by more than one plan). Insurance companies coordinate benefits to: Avoid duplicate payments by making sure the two plans don’t pay more than the total amount of the claim. Sometimes two insurance plans work together to pay claims for the same person. What does COB stand for in Insurance? Updated May 2020. Under a COB provision, insurance companies share the burden without overpaying. The provision coordinates the health care benefits in the order in which the multiple health plans must pay benefits. Top COB abbreviation related to Insurance: Coordination of Benefits COB: Commission des Operations de Bourse (French stock market regulator) COB: … List of 312 COB definitions. COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985):
What does COB stand for? Insurance COB abbreviation meaning defined here.
Top COB abbreviation meaning: Close of Business That process is called coordination of benefits. COB (Coordination of Benefits): This is the process by which a health insurance company determines if it should be the primary or secondary payer of medical claims for a patient who has coverage from more than one health insurance policy. See also, Non-duplication of Benefits.
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