Understanding Insurance Deductibles, Coinsurance and Copays
Health insurance can be difficult, especially when you’re tasked with selecting a group policy for your business. It’s important to understand the deductible, copay, and coinsurance options in order to educate employees about their benefits and save them from surprises later on.
A deductible is the fixed amount an individual is responsible for paying before they can take advantage of their full health insurance benefits.
A copay is a flat fee owed at the time of a medical service or for a prescription, leaving the remaining balance for the insurer.
Coinsurance kicks in after a deductible is met and requires the patient to pay a percentage of healthcare expenses, while the remainder is left for the insurer to pay.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
To View this Resource
A quick registration is required to view our resources. You will only be asked to do this one time (unless you don't save your browser cookies).