![]() Sign up to receive the latest health and wellness information right to your inbox here. Coinsurance is when you and your plan both share a percentage of the cost of a service that adds up to 100 percent.įor more information on common health care terms, use this helpful glossary. For example, if a medical service has a 20 percent coinsurance, you would pay 20 percent of the cost and your plan would pay the other 80 percent. What is coinsurance?Ĭoinsurance is when you pay a percentage of the cost for an item or service. If your plan had a $0 prescription drug deductible, your plan would help pay for your prescription drug costs without you having to pay a certain amount first. For example, if your plan had a $200 prescription drug deductible, you would pay the first $200 of your prescription drug costs before your plan helps to pay. There could be a deductible on medical services or on prescription drug services, but not all plans have a deductible. What is a deductible?Ī deductible is the amount you pay for a service before the plan shares the cost of the service with you. Your plan may have a $0 copay for seeing your doctor, for example, in which case you would not have to pay a copay each time you visit your doctor. You may not always have a copay, however. Still, coinsurance only applies to covered. Copays cover your cost of a doctor’s visit or medication. For example, if you have an '80/20' plan, it means your plan covers 80 and you pay 20up until you reach your maximum out-of-pocket limit. What is a copay?Ī copay is a fixed amount you pay for a health service, seeing your doctor, or filling a prescription. All three are different types of cost sharing, which is the portion you pay for a medical service or prescription drug. The most common types are copays, deductibles, and coinsurance. ![]() But when it comes to payment types, it’s helpful to know the meaning of the different terms so you know what form of payment is required.
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