"Do I really have to buy health insurance?" and questions regarding the differences between deductibles, copayments, and coinsurance are common medical insurance questions. Other common medical insurance questions relate to the Patient Protection and Affordable Care Act, according to Bankrate.
The common medical insurance terms deductible, copayment, and coinsurance all refer to out-of-pocket medical charges. A deductible is what the insured person must pay before the insurance company begins to pay claims. A copayment is a fixed amount that the insured person must pay for specific medical services, while coinsurance is a fixed percentage that the insured person pays, states Bankrate.
The Patient Protection and Affordable Care Act requires all Americans to have health insurance that provides "minimum essential coverage." Exemptions are available for those who can't reasonably afford health insurance, those who object to health insurance for religious reasons, and those who are uninsured for less than three months of the year, according to Bankrate. Those who are not exempt and do not have insurance must pay a fee.