This sentence is from a policy of an organization I found on a leaflet. Can anybody please explain or paraphrase it for me? "on...debt" and "open balance accounts" are confusing me.

"If the patient is approved for financial assistance their coverage is valid for 240 days prior on non-bad debt and open balance accounts and 240 days post their application signature date."

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    This is a money.stackexchange.com question. The terms being asked about here are financial jargon, rather than part of the standard English lexicon. – Ed Grimm Mar 16 '19 at 18:19

The context is insufficient to understand the meaning of the full sentence - I can only guess what "patient" and "coverage" refer to. However, some of the terms can be explained.

A bad debt is an debt that the debtor is unlikely to be able to pay (ever). Thus, a non-bad debt is a debt that is expected to be paid. The financial assistance may be targeted to overcome a temporary financial problem.

I was unable to find any reference to the term "open balance accounts".

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