Prescribed contract & co insurance?

Question

Can someone please explain what they mean?

Answer 1

Prescribed contract is a pre-agreed upon amount that the provider agrees to accept from the insurance. This is usually much less than the actual billed amount and the provider agrees to write off the difference, less your co-pays or co-insurance amount due.

co-insurance is the percentage of the contracted amount that you owe. The insurance pays a portion (usually 80%) and you pay part (20%) until your out of pocket amount is paid.