This is basic health insurance 101, the deductible and copay are two of the first benefits you will use on your health insurance.
The deductible is the amount of money you are going to pay first before your policy “kicks in” or starts paying a portion or all of your medical bills.
Your copay is going to allow you to pay a set dollar amount for certain, specific medical services. These services are usually pretty basic and can include things like doctors visits, prescription medication and even emergency room and urgent care visits in some cases.
Let’s take a closer look at each
The types of services that will “apply” to your deductible, that’s how us fancy insurance agents say it, will include pretty much everything that isn’t covered by a copy.
That could be everything from a blood test, x-ray, MRI, hospital stay or surgery. Basically any covered service that doesn’t have a copay will fall under your deductible.
You copay however gives you a set dollar amount to pay for those specific services we listed above.
You will have to pay that dollar amount every time you have that services done.
That means, if you have a $25 copay to see your doctor, every time you see your doctor you will pay them $25.
Same goes for your medication, if you have a brand name drug that has a $30 copay, you will pay $30 every time you fill that prescription.
If you aren’t sure if a copay is right for you, here’s a more detailed look at what I don’t like about them and why you might not like them either.
Watch the short video below for more information on your deductible vs. copay so you don’t mix them up.
You can watch this video on YouTube by clicking here. You might also be interested in subscribing to our channel on YouTube so you will never be at a loss for an insurance answer.
This video is part of a five-day-a-week series that promises to answer one of your questions every day we are open for business. If you want to come along for the ride, click the subscribe button on the left:
If you would like some help with your life insurance or want to make sure I'm a real human being, you can send me an email, give me a call at 440-964-8211 or talk face to face over the internet.
Giangola Insurance Agency, Inc.
1000 Lake Ave.
Ashtabula, OH 44004
Monday 9:00 AM - 5:00 PM
Tuesday 9:00 AM - 5:00 PM
Wednesday 9:00 AM - 5:00 PM
Thursday 9:00 AM - 5:00 PM
Friday 9:00 AM - 5:00 PM