What term describes the amount you pay for covered health services before the insurance begins paying?

What term describes the amount you pay for covered health services before the insurance begins paying?

• A. Copay
• B. Premium
• C. Coinsurance
• D. Deductible

Answer: (D)

Deductible is the amount you pay out-of-pocket for covered health services before your health plan starts to pay. It is usually set on a yearly basis. Until you meet that amount, you cover the full allowed costs. Once the deductible is met, you sharing costs with the insurer begins, typically through coinsurance or fixed copays, depending on the service and plan. A copay is a fixed fee paid at the time of service, and a premium is the regular payment you make to keep the insurance policy active. Coinsurance is the percentage of costs you pay after meeting the deductible.

Deductible is the amount you pay out-of-pocket for covered health services before your health plan starts to pay. It is usually set on a yearly basis. Until you meet that amount, you cover the full allowed costs. Once the deductible is met, you sharing costs with the insurer begins, typically through coinsurance or fixed copays, depending on the service and plan. A copay is a fixed fee paid at the time of service, and a premium is the regular payment you make to keep the insurance policy active. Coinsurance is the percentage of costs you pay after meeting the deductible.