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

April 26, 2017co-payment coinsurance mean

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

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