COVERED COST Meaning and
Definition
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Covered cost refers to the expenses or fees that are paid or reimbursed by an insurance policy, agreement, or program. These costs typically include a wide range of necessary and reasonable charges directly related to medical, healthcare, or insurance services that are included in the coverage or benefits offered.
When an individual or organization seeks medical treatment or services, they may incur various expenses such as consultations, examinations, treatments, medication, surgeries, hospital stays, or medical equipment. The portion of these expenses that is covered by an insurance policy or agreement is referred to as the covered cost. It is usually a specific percentage or amount that the insurance provider has agreed to pay, while the remaining portion is borne by the policyholder as their out-of-pocket expenses.
The covered cost may be determined based on various factors, including the specific insurance policy terms and conditions, the nature or severity of the medical condition or treatment required, or any predetermined limits, deductibles, or co-payment requirements.
It is important to understand the coverage details of an insurance policy or agreement to determine the extent to which the cost of healthcare services will be covered. This information helps policyholders financially plan for their medical expenses and make informed decisions regarding their healthcare needs.
Common Misspellings for COVERED COST
- coved cost
- xovered cost
- vovered cost
- fovered cost
- dovered cost
- civered cost
- ckvered cost
- clvered cost
- cpvered cost
- c0vered cost
- c9vered cost
- cocered cost
- cobered cost
- cogered cost
- cofered cost
- covwred cost
- covsred cost
- covdred cost
- covrred cost
- cov4red cost
Etymology of COVERED COST
The etymology of the phrase "covered cost" can be understood by examining the origin and development of its individual parts.
1. Covered: The verb "cover" dates back to Old English, where it was spelled "cowerian" and meant "to protect, defend, or shield". It derived from the Proto-Germanic word "kūrōną", meaning "to care for" or "to be concerned with". Over time, "to cover" gained various meanings, including "to hide or conceal" and "to extend over". In the context of "covered cost", the term "covered" suggests that something (the cost) is protected or taken care of.
2. Cost: The word "cost" originated from Middle English, having derived from the Old French term "coste", meaning "expense" or "outlay".
