Where Would Insurance or Government Program Payments Appear on the Statement of Account in Virginia? | Virginia Estate Planning | FastCounsel
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Where Would Insurance or Government Program Payments Appear on the Statement of Account in Virginia?

Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult an attorney or qualified professional for guidance on your specific situation.

Detailed Answer

In Virginia, when a healthcare provider or similar business issues a statement of account (sometimes called a patient statement or ledger), it typically breaks down the total charges, payments received, and adjustments or write-offs. Insurance or government program payments appear in the Payments and Adjustments section of the statement. These entries reduce the patient’s outstanding balance.

Specifically, the provider will list each payment from a third-party payer—such as a private insurer, Medicare, or Medicaid—by date, payer name, and amount. You will often see a line item labeled “Insurance Payment” or “Third-Party Payment,” followed by any related “Adjustment” or “Contractual Write-Off.” For example:

  • Date of Payment: The date the insurer or program remitted funds.
  • Payer Name: The insurance carrier or government program (e.g., Blue Cross Blue Shield, Medicare, Medicaid).
  • Payment Amount: The dollar amount credited to the account.
  • Adjustment: Any contractual write-off or denial that adjusts the charged amount.

Under Virginia’s Insurance Code, insurers must provide an Explanation of Benefits (EOB) or electronic remittance advice outlining these payments. See Va. Code § 38.2-3418 (requiring insurers to furnish an explanation of benefits within 30 days of claim receipt): https://law.lis.virginia.gov/vacode/title38.2/chapter34/section38.2-3418/. Providers use this information to post payments on the patient’s statement of account.

How to Read the Payments Section

  • Check the Dates: Verify that each payment date on the statement matches the date on your EOB or remittance advice.
  • Match Payer Names: Ensure the payer listed (e.g., Medicare) matches the insurance card or program name.
  • Confirm Amounts: The payment amount should equal the insurer’s remittance less any contractual adjustments.
  • Review Adjustments: Understand any write-offs or denials. These reduce the billed charges based on your provider’s contract with the insurer.

Helpful Hints

  • Keep your EOBs or remittance advices in a secure folder for reconciliation.
  • Compare statement entries with bank deposits or electronic payment reports.
  • If a payment is missing or amounts differ, contact your provider’s billing office and your insurer.
  • Ask for an itemized statement if you only receive a summary.
  • Check deadlines for billing disputes under Va. Code § 8.01-413.3 (medical billing statute of limitations): https://law.lis.virginia.gov/vacode/title8.01/chapter4/section8.01-413.3/.

The information on this site is for general informational purposes only, may be outdated, and is not legal advice; do not rely on it without consulting your own attorney.