What is the difference between a copayment and coinsurance?

A copayment is the fixed amount that you pay for each prescription depending upon the formulary tier it is on. Usually the lower tiers on a plan’s formulary have copayments. The higher tiers on a plan often have coinsurance because of the high cost of those drugs. Coinsurance is a percentage of the cost of a medication and can vary for each medication you fill.

Posted on: June 11, 2018
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