So you want a job as an Insurance Verification Specialist, but how much do they make? It is a rather simple job that can pay most of your bills, you also get to meet many people from various walks of life. As I speak with my friend who is currently working as an insurance verification specialist, she recently shared with me the rough stats of her salary and it seems like she been doing pretty well for herself.
The insurance verification specialist has a responsibility to ensure that the policy is accurate and workable. The specialist also needs to be an expert on the types of coverage being provided to the business. An insurance verification specialist may spend time investigating loss incidents and recommendations so that they can create solutions for small or large issues in a timely manner. As a compensation, the specialist will receive a salary of $36,000–$90,000 per year.
The salary for an insurance verification specialist can vary depending on the industry, experience, and location.
The Bureau of Labor Statistics reports that insurance verification specialists earned a median salary of $50,430 in 2017. The 10th percentile earned $29,960 and the 90th percentile earned $77,200.
In BLS’s salary data, we see that the metropolitan area with the highest pay for insurance verification specialists is San Jose-Sunnyvale-Santa Clara, California at $104,070 per year (and this is just for the top 10 percent!). However, it may be more representative to use a broader geography like New York City or Los Angeles to find salary information because these are places where many people live and work. Outside of these cities though? It can be difficult to find a job as an insurance verification specialist because there simply aren’t many jobs available!
Insurance verification specialists can expect to make an average salary of $45,000 per year. The top 10% of insurance verification specialists earn more than $60,000 per year while the bottom 10% earn less than $30,000 per year.
Salary for insurance verification specialist
What Does an Insurance Verification Specialist Do?
An insurance verification specialist double checks the status of patients’ medical insurance. Their primary responsibility is to ensure that a patient’s insurance will cover required medical procedures or hospital stays. Other duties include verifying patient information, billing, medical coding, and conducting claims examinations. Specialists may also be expected to educate the patient about their coverage.
How to Become an Insurance Verification Specialist
Some insurance verification specialist jobs require an associate’s degree in medical administration or a related health field, while others may only need a high school diploma and on the job training. In these education programs, you study the basics of patient privacy law, medical billing, and hospital administrative duties to gain the skills you need to be successful in this career. You may also choose to get a voluntary certification, such as the Health Insurance Portability and Accountability Act (HIPAA) Certification.
Insurance Verification Specialist Job Description Sample
With this Insurance Verification Specialist job description sample, you can get a good idea of what employers are looking for when hiring for this position. Remember, every employer is different and each will have unique qualifications when they hire for a Insurance Verification Specialist role.
Job Summary
Our healthcare facility is currently seeking an Insurance Verification Specialist. In this role, you will verify insurance coverage for new patients and referrals, as well as update information for existing patients. Your duties will also involve calling to obtain pre-authorization for services, which requires strong phone communication skills. After verifying coverage, you will help patients understand what their financial responsibilities will be. Applicants should have an associate degree and medical billing experience. Bilingual communication skills are a major plus.
Duties and Responsibilities
- Verify insurance information for new patients and referrals
- Update insurance information for existing patients
- Call to obtain pre-authorization for recommended services and procedures
- Explain to patients what their financial responsibilities will be
- Inform relevant clinical staff about denials
- Answer questions related to billing and insurance
Requirements and Qualifications
- High school diploma or GED certificate
- Associate degree (or equivalent experience)
- Medical billing experience (2 years preferred)
- Knowledge of CPT codes and basic medical terminology (preferred)
- Phone communication skills
- Bilingual ability (English/Spanish) a plus
Insurance Verification Specialist Salary
National Average
$20,000$33,653 /year $42,000
$16 /hour
Insurance Verification Specialist Salary Comparison by Location
Nationwide
United States
$33,653
Abuja, NG
$33,723
How much does an Insurance Verification Specialist make?
As of Jun 25, 2022, the average annual pay for an Insurance Verification Specialist in the United States is $33,653 a year.
Just in case you need a simple salary calculator, that works out to be approximately $16.18 an hour. This is the equivalent of $647/week or $2,804/month.
While ZipRecruiter is seeing annual salaries as high as $42,000 and as low as $20,000, the majority of Insurance Verification Specialist salaries currently range between $29,500 (25th percentile) to $36,000 (75th percentile) with top earners (90th percentile) making $40,000 annually across the United States. The average pay range for an Insurance Verification Specialist varies little (about $6,500), which suggests that regardless of location, there are not many opportunities for increased pay or advancement, even with several years of experience.
Based on recent job posting activity on ZipRecruiter, the Insurance Verification Specialist job market in both Abuja, NG and throughout the entire state of is not very active as few companies are currently hiring. An Insurance Verification Specialist in your area makes on average $33,723 per year, or $70 (0%) more than the national average annual salary of $33,653. ranks number 1 out of 50 states nationwide for Insurance Verification Specialist salaries.
To estimate the most accurate annual salary range for Insurance Verification Specialist jobs, ZipRecruiter continuously scans its database of millions of active jobs published locally throughout America.
Find your next high paying job as an Insurance Verification Specialist on ZipRecruiter today.
What are Top 10 Highest Paying Cities for Insurance Verification Specialist Jobs
We’ve identified 10 cities where the typical salary for an Insurance Verification Specialist job is above the national average. Topping the list is Sunnyvale, CA, with Santa Rosa, CA and Manhattan, NY close behind in the second and third positions. Manhattan, NY beats the national average by $6,071 (18.0%), and Sunnyvale, CA furthers that trend with another $7,367 (21.9%) above the $33,653 average.
With these 10 cities having average salaries higher than the national average, the opportunities for economic advancement by changing locations as an Insurance Verification Specialist appears to be exceedingly fruitful.
Finally, another factor to consider is the average salary for these top ten cities varies very little at 9% between Sunnyvale, CA and Bremerton, WA, reinforcing the limited potential for much wage advancement. The possibility of a lower cost of living may be the best factor to use when considering location and salary for an Insurance Verification Specialist role.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Sunnyvale, CA | $41,021 | $3,418 | $789 | $19.72 |
| Santa Rosa, CA | $39,966 | $3,330 | $769 | $19.21 |
| Manhattan, NY | $39,725 | $3,310 | $764 | $19.10 |
| Cambridge, MA | $38,552 | $3,213 | $741 | $18.53 |
| Arlington, VA | $38,230 | $3,186 | $735 | $18.38 |
| Williston, ND | $37,925 | $3,160 | $729 | $18.23 |
| Vacaville, CA | $37,696 | $3,141 | $725 | $18.12 |
| New York City, NY | $37,688 | $3,141 | $725 | $18.12 |
| Worcester, MA | $37,532 | $3,128 | $722 | $18.04 |
| Bremerton, WA | $37,357 | $3,113 | $718 | $17.96 |
What are Top 5 Best Paying Related Insurance Verification Specialist Jobs in the U.S.
We found at least five jobs related to the Insurance Verification Specialist job category that pay more per year than a typical Insurance Verification Specialist salary. Top examples of these roles include: Soc Verification Engineer, ASIC Verification Engineer, and Soc Design Verification Engineer.
Importantly, all of these jobs are paid between $119,853 (356.1%) and $154,163 (458.1%) more than the average Insurance Verification Specialist salary of $33,653. If you’re qualified, getting hired for one of these related Insurance Verification Specialist jobs may help you make more money than that of the average Insurance Verification Specialist position.
| Job Title | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Soc Verification Engineer | $187,816 | $15,651 | $3,612 | $90.30 |
| ASIC Verification Engineer | $163,473 | $13,623 | $3,144 | $78.59 |
| Soc Design Verification Engineer | $159,503 | $13,292 | $3,067 | $76.68 |
| Design Verification Engineer | $154,952 | $12,913 | $2,980 | $74.50 |
| Senior Design Verification Engineer | $153,506 | $12,792 | $2,952 | $73.80 |
