Whats the difference between copays and coinsurance?
Copays and coinsurance are two different ways that you pay for part of the cost of your own healthcare. • A copay is a flat fee that you usually pay at the doctor’s office or when you pick up a prescription. • Coinsurance is a percentage of the service charge that your health plan calculates for you, after you’ve met your deductible. You don’t usually pay coinsurance at the time of the service. When you see the claim in Quicken Health Expense Tracker, it will show that you owe money, which is the coinsurance (even if you don’t see that word). Wait until you receive a bill before paying the coinsurance. You will almost never have to pay both a copay and coinsurance for a single expense, but you might have to pay both on a single claim if that claim has multiple expenses. For example, you might pay a copay for an office visit, but while you’re there the doctor might perform another service like removing a mole, and you might have to pay coinsurance for that service. NOTE: Since most peop
