ECONOMICS

Detailed explanation-1: -copay, the former is the amount that you need to pay before the insurer begins paying the claim amount; however, copay means, every time you raise a claim, a certain percentage has to be paid by you.

Detailed explanation-2: -A calendar year deductible, which is what most health plans operate on, begins on January 1 and ends on December 31. Calendar-year deductibles reset every January 1. A plan year deductible resets on the renewal date of your company’s plan.

Detailed explanation-3: -Deductible is the amount that a policy holder has to pay before the insurance company starts paying up. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible.

Detailed explanation-4: -A deductible is the set amount of money you pay out of pocket for covered services per plan year before your insurance plan starts to pay. A copay is also a set amount of money, but it’s the fixed fee attached to certain covered services.