![]() Make sure you understand how these work with respect to your own policy so you can be prepared when it comes time to use your benefits. In most cases, your insurance plan will have both a deductible and copays. A copayment (or co-pay) is a fixed amount that you pay for each healthcare service that you receive. ConclusionĪ deductible is the amount you have to pay out-of-pocket for healthcare services before your insurance company begins to pay its share. It’s important to choose a plan that strikes the right balance for you and your family based on your expected medical needs and budget. In general, plans with higher copays tend to have lower deductibles, and vice versa. For example, your plan might have a $20 copay for doctor’s visits and a $250 deductible for hospital stays. Copay is a fixed amount that you pay for covered medical services, while deductible is the amount you have to pay for covered medical expenses before your insurance company starts to pay.īoth copays and deductibles can vary depending on your specific plan. When it comes to health insurance, there are a lot of confusing terms and concepts. Deductibles are typically stated in the declarations page of an insurance policy. Deductibles may also apply per-policy period, per-occurrence, or per-person.
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