What is the difference between a copay and coinsurance?
A copay is a set rate by the insurance company that Peak Performance collects during each physical therapy treatment session. Copays vary greatly between different insurance companies and different plans. Copays are not negotiable. Coinsurance is the remaining portion of a bill that is the patient’s responsibility. For example: In an insurance plan with 80/20 the patient is responsible for 20% of the billed charges. Peak Performance asks patients to pay a portion of this 20% at the conclusion of each treatment session. This payment is an estimated portion and the intent is for the patient to have a zero or minimal balance at discharge from physical therapy.
