What is co-insurance or co-pay?
Co-insurance and/or co-pay is a form of cost sharing. After deductibles are met, the plan will begin paying a percentage of the insured’s bill. The remaining amount, known as the co-insurance, is the portion due by the patient and/or insured. Managed care carriers charge co-pays for varied services. For example, Emergency room visits, specialist, physical therapy and mental health services.
