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Total amount you will pay out of your own pocket toward your medical expenses.
A co-payment or co-insurance is just that — you and your insurance agree to co-pay for a healthcare expense. Insurance plans require you pay either a percentage or a fixed amount of the cost of a drug or health related expense.
The deductible is the amount of money you must pay out of your own pocket before your insurance will start paying/covering for other healthcare expenses. This can be a very small amount or thousands of dollars.
The deductible is the amount of money you must pay out of your own pocket before your insurance will start paying/covering for other healthcare expenses. This can be a very small amount or thousands of dollars.
A co-payment or co-insurance is just that — you and your insurance agree to co-pay for a healthcare expense. Insurance plans require you pay either a percentage or a fixed amount of the cost of a drug or health related expense.
Total amount you will pay out of your own pocket toward your medical expenses.
Total amount you will pay out of your own pocket toward your medical expenses.
When insurances contract with venders who supply drugs or medical supplies, the venders agree to accept a maximum or discounted amount for various items.
For example, a pharmacy may charge $800 for a medication, but the insurance may only allow a charge of $650 based on their contract with the vender. The pharmacy accepts the $650 as payment-in-full. The insurance will pay up to $650, minus co-pays and deductibles.
When insurances contract with venders who supply drugs or medical supplies, the venders agree to accept a maximum or discounted amount for various items.
For example, a pharmacy may charge $800 for a medication, but the insurance may only allow a charge of $650 based on their contract with the vender. The pharmacy accepts the $650 as payment-in-full. The insurance will pay up to $650, minus co-pays and deductibles.
When insurances contract with venders who supply drugs or medical supplies, the venders agree to accept a maximum or discounted amount for various items.
For example, a pharmacy may charge $800 for a medication, but the insurance may only allow a charge of $650 based on their contract with the vender. The pharmacy accepts the $650 as payment-in-full. The insurance will pay up to $650, minus co-pays and deductibles.
A co-payment or co-insurance is just that — you and your insurance agree to co-pay for a healthcare expense. Insurance plans require you pay either a percentage or a fixed amount of the cost of a drug or health related expense.
The deductible is the amount of money you must pay out of your own pocket before your insurance will start paying/covering for other healthcare expenses. This can be a very small amount or thousands of dollars.