Insurance is not a very fun subject. Especially when talking about the parts of insurance. One of those parts that gets people confused quite often is the topic of an insurance copay.
What is an Insurance Copay?
This part of insurance is the topic of insurance copays. Sometimes this is also called coinsurance. Both terms mean the same thing and can be used interchangeably.
Focus on the first part of the word “copayments”. Co means together. So a copayment means that you and the insurance company will pay for the service together.
Most insurance companies have some sort of copayment structure. And the copayments are usually a flat dollar amount. They are usually $10-50.
You might have to pay a copayment when you see a specialist, have a minor surgery or something to that effect. You generally don’t have to make an insurance copay for an annual physical or a routine checkup.
But every insurance company and insurance plan is going to be different. Some insurance plans dictate that you have a copay any time you see a medical professional for any reason. While most others do not require copays as often.
So let’s say that you have to go to a cardiac doctor because you have been having chest pains. When you go into the office the entire bill might be $500. But you will likely have to pay your copay before you leave. You might have to pay something like $30 right then.
That is not to say that you won’t get a bill for the difference later. You likely will.
Think of it as the insurance company wanting you to have a little skin in the game. They want you to pay a little up front before they pay some (or all of the bill).
For the rest of the bill, you will likely have to pay it until you reach your deductible or max out of pocket.
Make sure to check your insurance plan to know what yours is.
Final Thoughts
Like I said, insurance is really a pretty confusing topic. Especially when talking about health insurance. There are a lot of terms that you need to be familiar with when considering your healthcare.
And I will do the best I can to give you the tools and knowledge to understand them. 🙂
You can do this!
I am here for you!
Until next time!
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