Deductible - The amount a patient pays for health care services before their health insurance begins to pay for visits/services. This is typically reset annually, at the time of insurance renewal. A patient is responsible for the entire cost of health services received until the patient has paid the deductible amount for health services.
Example: If your deductible is $1,000, you must pay $1,000 for any health service covered by your plan before your insurance will begin to cover a portion of health service costs.
Remaining Deductible - The amount of money you still need to pay for healthcare services before your health insurance helps cover the cost. At the start, you pay for all your healthcare expenses until you meet your annual deductible. Once you reach that amount, your insurance starts sharing the cost. The remaining deductible shows how much more you have to pay before your insurance pays more.
Example: If your annual deductible is $1,000 and you've paid $400 already, your remaining deductible is $600. You need to pay another $600 for healthcare before your insurance chips in more.
Co-Pay - The fixed amount a patient pays for a health care service, determined by the insurance company for a specific service, paid for at the time of service.
Example: If your co-pay is listed as $25, you will pay $25 for your health service, after your deductible has been covered. Your insurance plan will pay the remaining balance of the bill.
Co-Insurance - The percentage of a medical charge that a patient pays after a deductible has been met, with the rest paid by your health insurance plan.
Example: If your co-insurance is listed as 10%, you will pay 10% of the payment that has already been made by your insurance carrier for the claim, after your deductible has been covered.
