When it comes to availing health insurance, you should be clear on certain terms, like copay, deductible, and coinsurance. These might seem overwhelming if you're not familiar with them.
But don’t worry—we’re here to help!
Basically, copayments are fixed amounts you pay for specific services, deductibles are the total amount you need to spend before your insurance kicks in, and coinsurance is the percentage of costs you share after meeting your deductible.
In this article, we’ll break down how these cost-sharing expenses impact your health insurance policy and what are the key differences between copay, deductible and coinsurance.
Ready to get a clearer picture? Keep reading to learn more about each term and how they fit into your health insurance plan!