Ins. Definitions

Insurance Definitions

1. Deductible – Amount patient must pay before insurance starts to pay
2. Copay – Amount a patient is to pay at time of seeing a doctor
3. Coinsurance – Same as copay, but is a percent of what insurance pays doctor of a visit.
4. Formulary – What drugs are paid for by insurance in “Tiers”.The lower the tier number the cheaper the drug is.1=cheapest 3= More Expensive
5. Network – These are the physicians your insurance pays for.
6. Formularies on networks are often called “narrow” or “restricted”.This means limited access to physicians, medicines, hospitals, etc.