So let's start with a few basic terms: a co-payment and a deductible.
Once we decipher what they mean, we will attempt to explain how they are used in different types of health insurance plans.
In these cases, many patients begin to pick and choose which medications they deem necessary, making for a potentially dangerous situation.
But most would say that the alternative -- no health insurance -- would be worse.
Perhaps a little bit of knowledge will save you some health care cash.
A co-payment, or co-pay, is the flat amount you pay at the time of a medical service or to receive a medication.
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Coinsurance is a percentage of a provider's charge that you may be required to pay after you've met the deductible.
When you've met your deductible, you'll have to pay coinsurance (usually 20 percent of the provider's charge) until you reach your out-of-pocket maximum.
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