What do the common billing terms mean, Copays, deductibles & coinsurance?
Copay: A copay is a fixed amount of money that a patient pays for a specific medical service or prescription drug. For example, a patient may have a $20 copay for each doctor's visit.
Deductible: A deductible is the amount of money that a patient must pay out of pocket before their health insurance begins to cover the cost of their medical expenses.
Coinsurance: Coinsurance is the percentage of the cost of a medical service or procedure that a patient is responsible for paying after they have met their deductible.
It's important to note that copays, deductibles, and coinsurance can vary widely depending on the specific health insurance plan, so it's always a good idea to review your plan's details.
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