Copayment, or coinsurance, is the amount you pay for each of your prescriptions after you have paid the deductible (if your plan has one). Some Medicare Prescription Drug Plans have different levels or "tiers" of copayments or coinsurance, with different costs for different types of drugs.
- Coinsurance means you pay a percentage of the cost (for example, 25%) of the drug.
- With a copayment you pay a set amount (for example, $10) for all drugs on a tier. For example, you may pay a lower copayment for generic drugs than brand-name drugs.
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