DeductibleThe deductible is the amount you pay every year in eligible medical services and medications before your insurance plan goes into effect. If your deductible is $250, you pay $250 out of pocket in eligible medical costs before insurance payments start.
|
CoinsuranceCoinsurance is the portion of your medical costs you are required to pay after your deductible is met. For example, if your coinsurance is 20%, you pay 20% of your eligible medical expenses, and your insurance company pays the remaining 80%.
|
CopaymentThe copay (copayment) is the fixed fee you pay every time you go to the doctor or fill a prescription. Some visits may not require a copay. Many plans pay 100% for preventative care and annual checkups.
|