Deductible – the amount you pay before your insurance is obligated to pay anything. For example, if your deductible is $500, then the first $500 of your care is “deducted” from the insurance company’s responsibility to pay. In other words, you will be out of pocket for the first $500 of care.
Copayment – a set amount that you pay on each visit. For example, if your copayment is $20 then you will be responsible to pay that amount each visit. If you owe a deductible, then the copayment would be considered part of the deductible for that visit. Therefore, if the total charge was $100. You would pay the $20 copay at the time of service. Your deductible amount owed would be $80.
Coinsurance – coinsurance is similar to a copayment except rather than a set amount, it is a percentage of the allowed charge determined by the insurance company. For example, if the insurance allowed $100 for a visit and the coinsurance is 10%, then you would owe $10 for that visit.