In health insurance a typical co-insurance split is 80/20. This means that the insurance company will pay 80% of the procedure and the insured is required to cover the other 20%. Usually the insured is required to pay their 20% portion at the time of the procedure but it depends on how the doctor or facility where care was given, would require payment.
Co-insurance vs. Co-pay: These terms are often confused. You now know that the co-insurance definition is a percentage of services. The co-pay or co-payment definition is a fixed amount required by the insured. This is what one usually pays to see the doctor for a check-up or minor concern. It is usually $20-$50 depending on the plan and is also usually required at the time of service.
