When you use your plan for a service or item, you are usually responsible for paying a portion of the cost. This is called cost sharing.
What Is the Difference Between a Copay and Coinsurance?
There are many different types of cost sharing, but the most common are deductibles, copays, and coinsurance.
- A deductible is the amount you pay for a service before the plan shares the cost of the service with you.
- A copay is a set amount you pay for the service.
- Coinsurance is when you pay a percentage of the cost for an item or service.
Check out these helpful videos for details on the differences between these types of cost sharing!