Insurance Maze Blog

Don’t get “Co-Payment” and “Co-Insurance” confused. Remember, “Co-Insurance” is a percentage (20%) of approved medical expenses that you pay and there is a limit (maximum out-of-pocket). A “Co-Payment” is completely different.

Some health insurance policies are designed to require a “Co-Payment” for almost everything, like:

• Each Hospital Admission - $ 500.00 Co-Payment
• Outpatient Surgery - $ 250.00 Co-Payment
• Emergency Room - $ 100.00 Co-Payment
• Doctor Visit - $ 20.00 Co-Payment
• Specialist Visit - $ 40.00 Co-Payment
• Generic Prescription Drugs - $ 10.00 Co-Payment
• Name Brand Prescription Drugs - $ 20.00 Co-Payment

Other health insurance plans may have the “Co-Payments” for doctor visits and prescription drugs and use the “Deductible” and “Co-Insurance” arrangement on all other approved medical expenses.

If your health insurance plan requires “Co-Payments”, these payments must be made each time that particular medical service is required. Remember, “Co-Payments” do not reduce your maximum out-of-pocket expenses.

• Do you know your health insurance plan’s “lifetime maximum”?
• Do you know how health insurance companies deal with “pre-existing” health conditions?
• Does your health insurance plan have adequate “co-insurance” provisions?
• Do you understand that your health insurance premium could be lowered by increasing your “deductible”?

Other Insurance Maze Articles of Interest

• Do You Have The Insurance Coverage You Think You Have?
• Is Your Commercial Vehicle Insured On Your Personal Auto Policy?
• Medicare Supplement Insurance & Medicare
• Home Insurance/Home Inventory-A Good Combination

Glossary Insurance Terms: |A-C|D-H |I-M|N-P|R-T|U-W|

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