Insurance terms explained

What’s a copay?

Your co-pay is a flat fee you pay for each visit, set by your insurer. You may see it on your insurance card next to “specialist visit.”

What’s a deductible?

Your deductible is the minimum amount you need to pay toward your care before your insurer will cover your costs.

What’s coinsurance?

Like your co-pay, your coinsurance is a fee you pay for each visit, set by your insurer. Unlike your co-pay, your coinsurance is a percentage of the total cost of your care, instead of a fixed amount.

What’s an explanation of benefits?

An Explanation of Benefits is a document sent by your insurer that explains the cost of each service you receive. You might get one in the mail after your first appointment. It might look like a bill, but it’s just a guide to help you understand the cost of your care. We’ll only send bills to you via email. If you’re ever unsure, you can check your balance on pay.talkiatry.com.