How do deductibles, copays and coinsurance work?

/How do deductibles, copays and coinsurance work?

A deductible is the amount of money that you pay before your insurance begins to pay. If your plan has a $1,000 deductible, you will pay 100 percent for most services until you have reached $1,000. After you have met your deductible, you will begin to pay coinsurance and co-pays as determined by your plan design.

A co-pay is a fixed amount that you pay for a healthcare service.  The amount of the co-pay can vary by the type of service and for some services you may have both a co-pay and coinsurance. An example of a co-pay is a $30 office visit charge or $40 prescription co-pay.

Coinsurance is your share of the costs of a healthcare service. You begin to pay your coinsurance after you have met your plan’s deductible. It is generally a percentage of the allowed amount that your plan covers for a service.