What is the difference between coinsurance and co-payment?
On occasion, these terms have been used interchangeably. However, it is preferable to define the two terms differently, despite their similarity of purpose. Under a co-payment or co-pay provision, the insured usually is required to pay a set or fixed dollar amount (e.g., $3, $5, or $10) each time a particular medical service is used. Co-pay provisions are frequently found in medical plans offered by health maintenance organizations (HMOs) where a nominal co-payment is applied to each office visit and to each prescription that is filled. (Compare Quotes) What is a preexisting conditions clause and what is the effect of its inclusion in an family health insurance quote Major Medical Expense? A preexisting condition is often defined as a medical condition (i.e., an injury or illness) that required treatment during a prescribed period of time, e.g., 3 or 6 months, prior to the insured’s effective date of coverage under the major medical expense plan. Sometimes, a preexisting condition is d
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A co-payment is a required payment by the insured to pay a set or fixed dollar amount (i.e. $35, $50, etc.) each time a particular medical service is provided. Co-Insurance is the portion of medical costs that are shared by both the insured (the patient) and the insurer. • New York State Surcharge Please be aware that our facility is required by the federal government to add an 8.95% surcharge to all inpatient and outpatient hospital bills. Accounts exempt from the NYS Surcharge: Medicare, Medicaid, Federal Employees and outpatient lab fees. • Does John T. Mather Memorial Hospital accept my insurance? Please contact your insurance carrier to confirm if our facility participates with your insurance company. Most insurance companies provide their contact information on the back-side of the patient’s insurance card. • What if I forgot my insurance card when I came to Emergency Room? The Emergency Room will provide you with a “No Insurance Card” form that will need to be completed and retu
