What is the difference between deductible and co-insurance?

Question

Insurance coverage is keep getting smaller and policy more and more complicated. It differs from company to company.

Can anyone answer my question?

Answer 1

A deductible is a set dollar amount, that YOU are responsible to pay every year. You pay 100% of the deductible amount before your insurance will pay anything. The insurance company pays none of your deductible. The deductible is cumulative, & starts over at the beginning of each benefit year.

Coinsurance is the portion/percentage you pay for medical services you receive.

ie. your coinsurance may be 20%, Leaving the insurance to pay 80%. It simply refers to the percentage you pay for medical services.

(After you pay 100% of the deductible, that is.)

Answer 2

A deductible is an amount, say $200, that you have to pay before the plan starts paying benefits.  Co-insurance refers to the % that you are responsible for after the plan has paid benefits.  For example, a plan may pay 80% of covered services after you meet your $200 deductible with your co-insurance, your responsibility being 20%.  Usually when you meet your out of pocket limit for the year, the plan then pays at 100% for the rest of the calendar year.  Most plans have an out of pocket limit-- check your plan documents.

Answer 3

~~Boy you sure hit it on the head with what's happening with medical insurance. The way it is on your question is there is a copay (co-insurance) when you see your doctors and it's due at the time of the visit. The deductible is a yearly amount that is charged which varies by the policy you choose. Usually the deductible applies to lab work, medications, procedures, hospitalization, and any tests. So in other words, you just usually (again varies by what you choose) pay a copay for a office visits, but for everything it goes towards your annual deductible until it is covered.~~

Answer 4

Using the SE like google or yahoo to get some hints first if you want to obtain the massive information,if you do not want to spend too much time,here is a good resource for your reference about your questions.http://insurance.online-frees.info/insur...