Understanding A Copay
Some insurance plans offer a type of office visit payment called a copay. This term can be confusing as it does not mean the same thing every time.
Typically, a copay is the amount that you are required to pay to be seen for service. That part is easy to understand. The difficult part is whether or not the copay is all you will pay for the service that you are receiving.
Some insurance plans waive the deductible in favor of the copay. That means you do not have to meet your deductible and only have the copayment and any applicable coinsurance. However, many plans require a deductible before you get to pay a copay. This means if your office visit is normally $100 and your copay is $20, you would have to pay the full $100 if your copay has not been met.
Are Copays Right For Me?
The question of whether or not a plan with a copay is right for you depends on what you want your out of pocket costs to be for the year. Typically, plans with copays are higher in monthly premiums. However, your upfront costs for medical services may be cheaper.
This is not a question that is easy to navigate on your own. Our team is available to help explain the plans that you are looking at and to help you decide what plan will give you the best coverage at the best overall prices. Schedule a call today or submit a form to get a free quote.