Definition of a Copay
A copay is a fixed amount you pay for a health care service such as a physician’s office, hospital, or prescription. This amount is set by the insurance company and not by the physician’s office. A copay can vary by the type of service or specialty of the physician.For example, a doctor’s office visit might have a…
Co-insurance
Definition of Co-Insurance: Your share of the costs of a covered health care service, calculated as a percent (for example, 20%) of the allowed amount for the service. You pay coinsurance plus any deductibles you owe. For example, if the health insurance or plan’s allowed amount for an office visit is $100 and you’ve met…
Deductibles
Definition of Deductible: The amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs. For example, if you are scheduling a procedure or test and those medical expenses will be $2,000 and your deductible is $500, then you would have to pay the $500 out-of-pocket first before the…