TeachMeFinance.com - explain Approved Amount
Approved Amount The term 'Approved Amount ' as it applies to the area of Medicare in the United States can be defined as ' The fee Medicare sets as reasonable for a covered medical service. This is the amount a doctor or supplier is paid by you and Medicare for a service or supply. It may be less than the a tual amount charged by a doctor or supplier. The approved amount is sometimes called the 'Approved Charge.' (See Actual Charge; Assignment.)'.
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