When shopping for pet insurance you might see the terms “co-insurance” or “co-pay.” (These are sometimes spelled “coinsurance” or “copay” but mean the same thing.) What is this, and what does it mean for your pet’s healthcare?

In short, the co-pay is the portion of the pet insurance claim that you are responsible for paying once the deductible is met. Many companies, unlike human insurance plans, will let you choose this amount when you sign up. For example, let’s say you chose a plan with an 80% reimbursement rate and a $100 deductible. If your pet had an accident and needed $1,000 worth of care, you would be responsible for paying $100 and then 20% of the remaining $900. If your reimbursement rate were 90%, you would owe 10%.