Insurance Terms Made Simple: Deductible, Copay, and Coinsurance
Health insurance can be confusing, but understanding a few key terms can make a big difference when choosing a plan. Here’s a quick and simple guide to help you out:
Deductible
Think of your deductible as your starting line. It’s the amount you have to pay for medical bills before your insurance kicks in. For example, if your deductible is $1,000, you’ll pay for doctor visits, tests, or other services until you reach that amount. After that, your insurance starts sharing the costs.
Copay
A copay is like a set ticket price. It’s a flat fee you pay for a specific service, like $20 for a doctor visit or $10 for a prescription. You pay this amount at the time of service, and it’s separate from your deductible.
Coinsurance
Coinsurance is like splitting the bill. Once you’ve met your deductible, you and your insurance share the costs. For example, if your coinsurance is 20%, and a procedure costs $100, you’ll pay $20, and your insurance pays $80.
Act Now—Marketplace Enrollment Ends Soon!
If you need health insurance for next year, don’t wait! Marketplace plans cover essentials like doctor visits, prescriptions, and physical therapy. The enrollment deadline is coming up fast, so take a few minutes to find the plan that’s right for you.
Need help understanding your insurance? Contact FYZICAL Therapy and Balance Centers. We’re here to make things easier and help you focus on your health!