Which term refers to the portion of the account balance the patient must pay after services are rendered and the annual deductible is met?

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Multiple Choice

Which term refers to the portion of the account balance the patient must pay after services are rendered and the annual deductible is met?

Explanation:
Coinsurance is the portion of the cost you pay after services are rendered and once the deductible has been met. It represents sharing the remaining allowed charges between you and the insurer, usually expressed as a percentage. For example, if a service costs $500 and your deductible has already been satisfied, with coinsurance at 20%, you would pay $100 while the insurer covers $400 (up to the allowed amount and within your plan’s out-of-pocket maximum). This differs from a copayment, which is a fixed amount paid at the time of service, and from a deductible, which is the amount you must pay before the insurer starts sharing costs. The premium is the regular payment to maintain coverage, not tied to a specific service.

Coinsurance is the portion of the cost you pay after services are rendered and once the deductible has been met. It represents sharing the remaining allowed charges between you and the insurer, usually expressed as a percentage. For example, if a service costs $500 and your deductible has already been satisfied, with coinsurance at 20%, you would pay $100 while the insurer covers $400 (up to the allowed amount and within your plan’s out-of-pocket maximum). This differs from a copayment, which is a fixed amount paid at the time of service, and from a deductible, which is the amount you must pay before the insurer starts sharing costs. The premium is the regular payment to maintain coverage, not tied to a specific service.

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