Lauren Mandel
When shopping for coverage this fall during Open Enrollment, saurez- the difference between co-pay and a share?
both co-insurance and co-insurance to help save money on health insurance companies making the consumer responsible for a portion of a medical bill, but the two terms of insurance disease have very different definitions. 
a copayment is a specific amount that you must pay for covered health care service. For example, if you take a prescription drug, you may have a share of $ 15 when you take your medication at the pharmacy. If the total cost of the drug is $ 75, your insurance company would pay the remaining cost $ 60.
Alternatively coinsurance is part of a bill that you might be responsible for payment, calculated as a percentage. For example, if you receive medical care that costs $ 0 and you've met your annual deductible, your 10 percent coinsurance would come out to $ 20.
Unlike a share (if you know the exact amount you have to pay for a service in advance), co-insurance may be more unpredictable. For example, if you receive an estimate of $ 2,000 for surgery to come up with 20 percent co-insurance, you anticipate having to pay $ 400. However, if there are complications during surgery and the procedure ends up a total of $ 4000, your anticipated costs double.
In general, co-insurance tend to be a bit more affordable than coinsurance. With coinsurance, your percentage will not go into effect until you have reached 100 percent of your franchise. fixed amounts quotas will take effect immediately. Therefore, people with co-insurance usually end up paying more, especially early.
In both cases, once you pay your insurance or your share, your health insurance company is then responsible for paying the balance of your medical bills. It is important to assess your share, coinsurance, and the plan in general, to ensure your coverage meets your needs. If you have questions about your coverage, call 888-322-7557 to speak with a licensed insurance agent.
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