Originally Posted by supersupps
Can someone explain, in plain english the difference betw the exch plans that have co-insurance vs co-pays. Difference in oop for co-ins vs co-pay.. prem diff? what will people choose and why? which is better and why?
hosp 10% $250 up to 5 days
home health 10% $20
10% $ 150 up to 5 days
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I tired to make the chart better spaced. but site wont allow.. sorry
Copays mean the amount the patient pays when they incur an expense. A $100 office visit, employee pays a $25 copay and the carrier pays the remaining $75.
Coinsurance means that there is some kind of co-sharing of the expense. For example, a $1,000 charge (employee has a $100 deductible, and a 80/20 coinsurance of the next $2500) the employee pays $100 deductible and then 20% of the next $900.
A $250 per hospital confinement copay means that when hospitalized the patient is required to pay $250 per day, so if they are there for 3 days it is $750. Sometimes there is a maximum amount of days to which the copay applies, such as 5.
The other SNF
Home health follow the same.
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