Consider this your monthly insurance payment, which guarantees that you will have coverage for the amount of time in the terms of your insurance agreement. If you have coverage through your employer, this will most likely come directly out of your paycheck.
This is the maximum amount of money you will have to pay out of pocket. After this amount, the insurance company is responsible for your medical expenses.
Your copay is the fixed fee that you pay up front when you have an appointment, pick up a prescription, go to the emergency room, or have an exam. These vary depending on the service provided. For instance, your copay to see your dermatologist might be $30, but your copay for a visit to the emergency room could be $100.
Did You Know
There are physicians who accept #Humana Insurance Medicare Managed Care in #Reidsville, NC who will make geriatric patients wait for hours in a waiting room, (meanwhile there are no other patients), the patient later finds out if they saw their physician at any point in the past for the same ailment; the physician on duty will not see the patient or return the copay after waiting for 3 hours in the waiting room!
Think of coinsurance as the percentage breakdown of the medical fees that your insurance covers. For instance, some appointments such as a well-visit (considered preventative care) might be 100 percent covered by your insurance, meaning you pay nothing for the visit. For other services, such as an elective procedure, your insurance may cover 80 percent of the medical fees, leaving you to pay the remaining 20 percent.