Difference between Copay and Coinsurances.

 

A copay is a fixed amount of money that you pay for a covered medical service, such as a doctor's visit or a prescription. Copays are typically between $10 and $50 per service.

A coinsurance is a percentage of the cost of a covered medical service that you pay after you have met your deductible. Coinsurance is typically between 20% and 30%.

The main difference between copays and coinsurance is that copays are a fixed amount, while coinsurance is a percentage. This means that your coinsurance cost will vary depending on the cost of the service.

For example, if your copay for a doctor's visit is $25 and the cost of the visit is $100, you will pay $25. If your coinsurance for a doctor's visit is 20% and the cost of the visit is $100, you will pay $20.

Copays and coinsurance are both out-of-pocket costs that you must pay for covered medical services. However, they are calculated differently and can have a different impact on your overall health care costs.

To review your copayments and coinsurances and to see if they may be reduced fill out the Permission to Contact form and a licensed agent will be in contact.