Question: Who Is A Payer?

What does refer to drawer mean in banking?

refer to drawer in British English a request by a bank that the payee consult the drawer concerning a cheque payable by that bank (usually because the drawer has insufficient funds in his or her account), payment being suspended in the meantime.

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What is the person paying called?

payer – a person who pays money for something. remunerator. money dealer, money handler – a person who receives or invests or pays out money. drawee – the person (or bank) who is expected to pay a check or draft when it is presented for payment. paymaster – a person in charge of paying wages.

What does payor mean in insurance?

The policy payor: A person or entity that pays the necessary premium to keep the policy in force. The payor is often the policy owner, as well as the insured.

What is a payor mix?

Payer mix refers to the percentage of patients with government health plans — Medicare and Medicaid — vs. commercial or “private” insurance. As you recall, commercial insurance pays more for health care services than government plans do.

Who is drawee and drawer?

A drawee is the person or other entity that pays the owner of a check or draft. The holder of the check is the payee and the check writer the drawer. Most often, if you deposit a check, your bank or check-cashing service is the drawee.

What is difference between payer and payor?

As nouns the difference between payor and payer is that payor is (healthcare|medical insurance) the maker of a payment while payer is one who pays; specifically, the person by whom a bill or note has been, or should be, paid.

What does payer name mean?

HSA plan administratorThe Payer’s name is the name of the HSA plan administrator. This is the bank or financial institution that probably gave you a debit card in order to pay for qualified medical expenses. The Payer’s name, address, city/state/zip, and telephone number are in the upper left-hand box of the 1099-SA form that you received.

Is the payee the recipient?

You typically encounter payees when banking. On a check, the payee is the person or organization to whom the check is written. For online payments, you provide payee (or recipient) information when setting up automatic transfers.

Is payor different?

The payee is the person who receives money from the payor. The payor is the person who pays the money to the payee. In some situations, such as when writing a check to yourself, the payee and payor can be the same person.

What does child support payor mean?

Payor. Person who makes a payment, usually non-custodial parents or someone acting on their behalf, or a custodial party who is repaying a receivable.

Is drawer a real word?

drawers, (used with a plural verb) an undergarment, with legs, that covers the lower part of the body. a person or thing that draws. … a person who draws an order, draft, or bill of exchange.

Who is the payor?

Legal Definition of payor : a person who pays specifically : the person by whom a note or bill has been or should be paid.

Who is payer in US healthcare?

A payer, or sometimes payor, is a company that pays for an administered medical service. An insurance company is the most common type of payer. A payer is responsible for processing patient eligibility, enrollment, claims, and payment.

Who is called drawer?

Drawer: the person or entity whose transaction account is to be drawn. Usually, the drawer’s name and account is preprinted on the cheque, and the drawer is usually the signatory. Payee: the person or entity who is to be paid the amount.

What is a payor contract?

Payor Contract means any Contract whereby a Payor has engaged the Company or any of its Subsidiaries to provide, arrange for, or assume financial risk for some health care coverage, services or treatment to which such Payor’s eligible individuals are entitled.

Who is the payer and who is the payee?

Understanding Payee In the case of a promissory note, through which one party promises to pay another party a predetermined sum, the party receiving the payment is known as the payee. The party making the payment is known as the payer.

What is opposite of payee?

Noun. ▲ Opposite of one to whom money is paid. payer. bursar.

What is payee nickname?

Your Pay Anyone payee list is comprised of the recipients you have saved in order to make Pay Anyone payments to them in the future. Your payee’s nickname is the name your payee will appear under, and be organised by, in your Pay Anyone payee list.