What is the difference in a co-pay and co-insurance?
Co-insurance is the portion of costs that are shared between the insured and the insurer. It is common for an insurance company to pay 80% with the insured being responsible for the remaining 20%. A co-pay is a predetermined amount of money that the insured pays out for certain services. For example, if you have a $20 co-pay on doctors visits, you would pay the doctor $20 for every visit and the insurance would pay the rest of the doctors fee for that visit. Special services, like x-rays or lab work, arent usually covered under the co-pay for the doctors visit.
