Platinum Plans: Copays, Deductibles and Coinsurance

There are two kinds of Platinum plans: coinsurance plans and copay plans. The two plan types are very similar. In a coinsurance plan, for a few services, you’ll pay a percentage of a cost for services rather than a copay. For example, you’d pay 10 percent of your bill for skilled nursing care with a coinsurance plan; with a copay plan, you’d pay $125 per day up to 5 days. 

Copays are the set amount you pay for a covered health care service, before the plan begins to pay.

Deductible is the name for the amount of money you have to pay in one year before your plan starts to pick up the costs for certain services. You don’t need to worry about a deductible with a Platinum (or Gold) plan: your plan will contribute to cost of care as soon as you access care.

Coinsurance is your share of costs for a covered health care service. It’s calculated as a percentage. With a Platinum plan, you pay for 10 percent of your hospital stay yourself, and your plan would pay 90 percent.