Can you explain deductibles, co-payments, and coinsurance?

October 28, 2020

• Deductible – The amount of eligible expenses that must be borne by each Insured during each Calendar Year, before the application of the Policy benefits.
• Co-payment – A flat amount that the insured is responsible for at the time of service.
• Coinsurance – The percentage of eligible benefits paid by the Company to or on behalf of the Insured.