Question

What is this: a patient owes you a certain amount for a procedure then the insurance kicks in and can pay for the rest of the cost or other procedures; The amount you pay for covered health care services before your insurance plan starts to pay

a) Copayment
b) Deductible
c) Coinsurance
d) Exclusion

Answer 1

A deductible is the out-of-pocket expense paid by policyholders before their insurance starts covering medical costs. Copayments are flat fees paid at the time of service. Coinsurance is the percentage of costs shared between the policyholder and the insurer.

Step-by-step explanation:

The amount you pay for covered health care services before your insurance plan starts to pay is called a deductible. Insurance policies often include deductibles, copayments, or coinsurance. A deductible is the amount you are required to pay out-of-pocket before the insurance covers the rest of your medical expenses. A copayment, often referred to as a co-pay, is a flat fee that you pay for specific services or prescription medications at the time of receiving care, such as $20 for a doctor's visit. In contrast, coinsurance is a scenario where you are required to pay a certain percentage of the medical costs while the insurance pays the remaining percentage.