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Copay vs Deductible – Health Insurance Payment Comparison (What Differences Do They Have?) [Video]

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Medical Emergency Insurance and Financial Planning

Copay vs Deductible – Health Insurance Payment Comparison (What Differences Do They Have?)

Copay vs Deductible – Health Insurance Payment Comparison (What Differences Do They Have?). In this comparison video I will talk about Co-Pay vs Deductible.

So, the main difference between them is the timing of payment.
Co-pay is the amount you pay for each healthcare service you receive. The amount is usually fixed and attached to some medical services covered by your insurance.
On the other hand, a deductible is the out-of-pocket amount you pay each year for health insurance. Once paid, your insurance company will then start to share the cost of your health services.
Co-pay is, therefore, more accommodative as you pay on a need basis.

Amount
The amount to be paid as a Co-pay for each service received is usually fixed- pre-determined by the insurance company. On the other hand, with deductibles, the amount to pay varies each year and is determined by the insurance company.
It is, therefore, easier to make a healthcare budget with a Co-pay.

Impact on Insurance Coverage
Co-pay does not affect your insurance coverage since it is part of the cost of healthcare the client is responsible for. But, with deductibles, since the client is responsible for paying the full amount, it can affect medical coverage if the client fails to pay their deductibles.
Therefore, a deductible is a safer option for health coverage in the event of an emergency.

But do they have any similarities?
Yes. Co-pay and Deductible are similar in that the client and insurance company have shared responsibility for paying a portion of the cost of medical care. Additionally, the two are viewed as a form of managing medical costs. With Co-pay it minimizes unnecessary medical visits due to the fee charged for certain services. Deductible eliminates the risk by having clients pay for the coverage before the insurer can cater to their medical cost.

To sum up, how do they compare – Co-Pay vs Deductible?
I like that Co-pay is a more affordable option as it is paid on a need basis – after each service. Also, the fact that it is a fixed amount makes it easy to budget for healthcare coverage. It is a good option if you rarely visit the hospital.

On the other hand, I like the concept of paying before the insurance covers the cost with Deductible. It comes in handy for someone who needs regular medical attention and in case of an emergency on a bad financial day.

Both these options are great in different circumstances. I would, however, prefer a Deductible because it is more reassuring knowing I have medical insurance for a whole year – we all know how medical care can be very expensive.

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