What is the difference between co-pays and co-insurance?
An example of an AI chatbot conversation about co-pays and co-insurance in health insurance.
What is the difference between co-pays and co-insurance?
Co-pays are fixed amounts you pay for specific services, while co-insurance is a percentage of the total cost.
Can you give me an example of each?
Sure! For a co-pay, you might pay $20 for a doctor's visit. For co-insurance, you might pay 20% of a hospital bill.
How do these affect my overall healthcare costs?
Both can impact your out-of-pocket expenses. Co-pays are predictable, while co-insurance can vary based on the service cost.
Are there limits to how much I can pay in co-pays or co-insurance?
Yes, many plans have an out-of-pocket maximum that limits your total spending on co-pays and co-insurance.
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