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Geez Domo... Your thread is as silent as an Obamacare appreciation party.
Can you imagine what a fun time a lot of the older people are having while trying to figure this stuff out? I think they make it confusing on purpose.
What's the difference between copays and coinsurance? Copays and coinsurance are two different ways that you pay for part of the cost of your own healthcare.
--A copay is a flat fee that you usually pay at the doctor's office or when you pick up a prescription. If your plan requires you to pay copays for services, the amounts will be listed on your insurance ID card.
--Coinsurance is a percentage of the service charge that your health plan calculates for you, after you've met your deductible.* You don't usually pay coinsurance at the time of the service. When you see the claim in Quicken Health Expense Tracker, it will show that you owe money, which is the coinsurance (even if you don't see that word).
You will almost never have to pay both a copay and coinsurance for a single expense, but you might have to pay both on a single claim if that claim has multiple expenses. For example, you might pay a copay for an office visit, but while you're there the doctor might perform another service like removing a mole, and you might have to pay coinsurance for that service.
NOTE: Since most people are required to pay the copay at the time of service, Quicken Health Expense Tracker automatically creates a payment showing that it was paid. Quicken Health Expense Tracker does not automatically create payments for coinsurance.
* Generally speaking, you are responsible for 100% of the Amount Allowed for a service until you've paid an amount equal to your deductible. After that, your health plan pays the majority of the costs -- perhaps 80% -- but you are still responsible for the remainder. If you have a lot of medical expenses in one year, you may pay enough to reach the maximum out-of-pocket limit set in your policy, after which your health plan will pay 100% of the costs for the rest of that plan year.
Note that this is a very general and simple explanation. Read your policy or talk to your HR department about exactly how your insurance works.
reply to post by Kangaruex4Ewe
Appreciate you chiming in (love the roo that is you).
Apparently some people have better things to do on a Friday night than help a stranger shop for health insurance. For shame.
I apparently get super sweet coverage for them even though I'm a single male and have yet to spawn. Gonna have to update my eHarmony profile. Swatting the ladies off like flies with this news.
That's what really bugs me. I'm not the sharpest tack in the euphemism, but I'm somewhat literate. I can't imagine how hard navigating this nonsense would be to someone that's just a tad slow. Old, dumb or illiterate. Not fair. And if you just shop off monthly payments you can really screw yourself. That 'coinsurance' is freaking scary. So is the no authorization needed to go out of network and have to pay a ridiculous amount. It's really not something to joke about even though I want to because that's how I deal with really screwed up things. Awww you have an alien baby popping out of your chest? Hope you're in network.
I would say I think it's going to fail.... but I am not sure they will let it fail regardless of the "price" we will all pay for it in the end.
Do you have on going medical issues, problems that only western medicine can address? Concerned about breaking a new law or having the IRS knocking at your door?
You'll have to hire help to keep the ladies off. If that is the case I am available nights and weekends.
It would be a disaster of mammoth proportions.
I think it might implode the country.