Question

What is the difference between an insurance plan's co-pay and coinsurance?

1) A co-pay is a set amount due at the time of service for an office visit while coinsurance is a percentage that the patient is responsible for, for certain services.
2) A co-pay is a set amount the patient must pay at the time of service while coinsurance patients pay anything.
3) A co-pay is a set amount that the insurance pays for service while coinsurance is a partial insurance plan.
4) Co-pays and coinsurance pay half of a service, and the patient is responsible for the other half.

Answer 1

A co-pay is a set amount due at the time of service, while coinsurance is a percentage that the patient is responsible for, for certain services.

Step-by-step explanation:

A co-pay is a set amount due at the time of service for an office visit, while coinsurance is a percentage that the patient is responsible for, for certain services. For example, if a patient has a $20 co-pay for an office visit, they would pay $20 for each visit. On the other hand, if a patient has a 20% coinsurance for a certain service that costs $100, they would be responsible for paying $20 (20% of $100) and the insurance would cover the remaining $80. So, while a co-pay is a fixed amount, coinsurance is a percentage of the total cost.