Tips & Advice
What is a DME claim?
A durable medical equipment (DME) claim is a form you fill out to get reimbursed for expenses that you paid for and are covered by insurance. If you bought something directly from the supplier, and it qualifies, you can be reimbursed by Medicaid insurance.
Which medical supplies are covered through Medicaid?
Medicaid will cover necessary durable medical equipment that your doctor prescribes for your in-home use. They must be durable, used for a medical reason, not typically useful to someone who isn’t sick or injured (like crutches or a wheelchair), is used in the home, and has a minimum of a three-year life expectancy. If your condition has extenuating circumstances, you can file a claim or speak to a Medicaid rep to discuss your options.
What are consumable medical supplies?
Consumable medical supplies are either disposable, or unable to withstand repeated use. They are items that get used up, and generally fall into the categories of bandages, antiseptics, and skin preparations. These are usually one-off products that cannot be reused.
Are medical supplies covered by insurance?
Most insurance companies and policies cover equipment that is prescribed by a doctor to treat or assist a patient in need. There can be exceptions and coverage might not necessarily be 100%, so the only way to know for sure r is to consult your policy or insurance rep. Most items of real need are covered. Supplemental insurance can offset many costs not covered by a standard policy. The good news is that if a doctor prescribed it, you are likely covered.
What is durable medical equipment?
There are two main types of medical equipment: disposable and durable. Durable medical equipment provides therapeutic benefits to a patient who is in need because of an illness or medical condition. Durables are usually reusable items, including beds, wheelchairs, breathing machines, canes or crutches, and monitors.
What are financial products?
Financial products are designed to help you achieve objectives such as saving money, obtaining insurance, establishing a line of credit, investing, or getting a mortgage. Financial products are issued by organizations such as banks, credit unions, investment management firms, mortgage companies, insurance agencies, credit card companies, and stock brokerages.
What is a financial consultant?
A financial consultant is a professional who is qualified to provide guidance in the area of financial management. Some of these experts work for financial institutions, while others are self-employed and work directly with the public. A financial consultant can help you develop a financial strategy focused on savings, retirement, investments, or insurance, and Many are licensed to sell financial products such as stocks and bonds.
Types of financial services
- Financial planning: With financial planning, a financial adviser can help you chart a course to achieve a specific financial objective. Financial planning can be focused on things such retirement planning or funding your child's college education.
- Insurance: Insurance can be used to protect your most valuable assets, and policies are available to cover items such as your car and your home. Insurance can also be used to provide a source of income if you become disabled, and it can cover the costs associated with long-term care. Life insurance can be used to provide funds for your dependents after your death.
- Investment management: A well-chosen investment portfolio can provide you with consistent income over the years, and professional investment management can provide guidance to make smart portfolio choices. Investment management might involve the purchase of products such as stocks, bonds, and mutual funds.
- Loans: A loan can help provide the funds you need to finance large purchases, and can cover your expenses in emergency situations. Loans can be used to finance the purchase homes and cars, and they can be used to provide the funds for home remodeling or major car repair.
- Credit cards: A credit card allows the holder to purchase goods and services using credit issued by the card's provider.
Trust and estate planning: With trust and estate planning, you can create a strategy to ensure that your assets are passed on to the beneficiaries of your choosing.
What do financial services companies do?
Financial services companies provide financial planning, insurance policies, estate planning, investment management, loans, and credit cards. These financial services companies include retail and commercial banks, internet banks, stock brokerages, credit card companies, insurance companies, investment banks, credit unions, savings and loans associations, and mortgage companies.
What are financial services?
Financial services are professional services associated with the management of money and assets. These services include investment activities, such as those related to stocks, bonds, and mutual funds. Loans and lines of credit also fall under this umbrella. Additionally, financial services include insurance coverage and tax preparation.