Among the information we can obtain about our insurance policies, the BIN number on the insurance card is one of the most important data. This is a code that you should take into account as it is used for something as important as the expediting and claiming of prescription insurance, among other tasks.
It is relatively common for any health insurance user to use his or her card. Nowadays, few health insurance companies do not provide their policyholders with personalized health insurance cards.
Different information elements are included in the insurance cards. One of these items is the so-called BIN number of the insurance card.
What does BIN mean?
It is a code that originates from the banking system. It is also known as a bank identification number.
These are six digits that are grouped into a number that will transmit information about the health insurance provider. For example, when we go to a pharmacy to pick up medicines, this number is the one that indicates to the pharmacy database which insurer should be charged for the prescription claim.
As mentioned above, BIN is an abbreviation that comes from the banking industry and was incorporated into the insurance sector when personalized cards came into common use.
However, although this is a number that comes from the banking system, it has nothing to do with banking. The bank has no part in the process of billing a prescription to an insurer.
Why is the BIN so important?
There are several reasons for the importance of the BIN number on health insurance cards. However, two, in particular, stand out.
Firstly, it is a code that will significantly simplify the process of billing for a prescription or associated service.
It should be borne in mind that when a claim is made for medical coverage, a large volume of information is generated involving at least three different parts. This includes the patient, the doctor, and the insurer. The same is perfectly applicable when you go to the pharmacy to pick up medicines.
Access to all this information, from the billing point of reference, is provided by using the BIN number. In this way, the professional can quickly identify the insurer to be billed. This is good for the insured person who reduces the waiting time for a service, but also for the training or professional who has the certainty of being paid for the service.
Secondly, the use of the BIN number on health insurance cards is of great importance from the point of view of security in the health insurance sector. It has helped to drastically reduce fraud and abuse regarding the withdrawal of medicines.
Similarly, it also helps to control the consumption of medicines through the constant monitoring that can be carried out through the billing and the use of these facilities.
The importance of information on health insurance cards
The change brought about by the introduction of health insurance cards was definitive for the insurance industry in the United States. Above all, after the digitization of these cards, all processes have been simplified and security levels have been considerably increased.
Nowadays, when you go to any kind of medical service, including pharmacies, you will be asked for your health insurance card. The large majority of these cards have their policy numbers on them and other information such as the BIN number for prescriptions.
However, it should be noted that for some insurers these cards may be differentiated, i.e. we may have the first card to identify the policy and a second card for the pharmacy with the BIN number.
In any case, the BIN number on the corresponding insurance card is essential to provide the pharmacy with the reimbursement of the cost of the medication. Please note that a great number of pharmacies will have a list of these numbers on a database that is checked when the corresponding medication is dispensed.