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What does “co-payment” and “coinsurance” mean?

co-payment coinsurance mean
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What does “co-payment” and “coinsurance” mean?

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A “co-payment” is a specific out of pocket dollar amount which you must pay to a provider at the time of service. “Co-insurance” is a percentage of covered expenses which you must pay: such as your insurance will pay 80 percent of a bill, and you will pay 20 percent.

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