Whether you’re new to Medicare or could use a refresher, here are some common Medicare terms explained:
Coinsurance is a percentage of your medical and drug costs you may be required to pay as your share of costs for medical services or supplies (for example, 20% of the cost of a prescription drug).
Copayment is a specific dollar amount you may be required to pay as your share of the cost for medical services or supplies (for example, a $10 copay for a healthcare provider visit).
Deductible is the amount you pay for medical services or prescription drugs in a plan year before your plan begins to pay for benefits.
Premium is the amount you are required to pay each month to Medicare or your private insurer for your healthcare coverage.
To learn more, check out our list of definitions for common Medicare terms