What is the difference between a deductible, co-payment, and co-insurance?

• A deductible is the dollar amount that must be paid by the patient prior to insurance cost-sharing. This amount is determined by the patient’s selected insurance plan.
• A co-payment is the dollar amount the patient is responsible for paying at each visit.
• Co-insurance is a form of cost-sharing. The co-insurance is a percentage of the allowable charges that the patient is responsible for paying each visit. After the deductible is met, the insurance will cost-share with the patient and will cover the portion of the allowable charges remaining after the patient’s co-insurance and co-payment are paid.