There are three types of out-of-pocket costs for health insurance: Copays, Coinsurance and Deductibles. Our goal is to get you familiar with these terms and help you better understand your health coverage and costs. Copay is a predetermined rate you pay for health care services at the time of care. For example, you may have a $20 copay every time you see your primary care physician, a $10 copay for each monthly medication and a $250 copay for an emergency room visit. Coinsurance is a percentage of a medical charge you pay, with the rest paid by your health insurance plan, which typically applies after your deductible has been met. For example, if you have 10% coinsurance in your health insurance plan, you pay 10% each medical bill, and your health insurance will cover 90%. Deductible is how much you pay before your health insurance starts to cover a larger portion of your bills. In general, if you have a $2,000 deductible, you must pay $2,000 for your care out of pocket before your insurer starts covering a higher portion of costs. The deductible resets yearly. For more information, Coinsurance vs. Copay Key differences :
Coinsurance Copay
The price varies, since it’s a percentage of the total cost of services, based on the final approved bill. Flat fee for a particular kind of visit, like seeing your primary care doctor or urgent care.
Billed by the care provider after insurance approves the charges and your percentage has been calculated. Paid every time you see a care provider or fill a prescription.
You don’t pay this until after you’ve met your deductible; up to the out of pocket max in your health coverage plan. May or may not count toward your deductible.