Understanding Premiums, Deductibles, Coinsurance and Copays

What is a premium in the context of health care?

• A one-time payment for a medical procedure

• A discount on medication costs

• A fee paid directly to a doctor for a visit

• A regular payment to keep your health care plan active

How does a deductible work?

• It is a regular payment to keep your health care plan active

• It is the amount you pay out-of-pocket before your health plan contributes

• It is a flat fee for certain visits

• It is a percentage of the bill you pay after insurance

What is coinsurance?

• A flat fee for certain visits

• The percentage of the bill you pay after meeting your deductible

• A regular payment to keep your health care plan active

• A one-time payment for a medical procedure

What is a copay?

• A regular payment to keep your health care plan active

• A percentage of the bill you pay after meeting your deductible

• A flat fee for certain visits

• A discount on medication costs

Why might someone choose a health plan with higher premiums?

• To have lower deductibles and copays

• To avoid paying any out-of-pocket costs

• To receive a discount on gym memberships

• To have access to more doctors

What is the copay amount Leon pays for a specialist visit?

• $100

• $50

• $20

• $30

What is the benefit of having set copay amounts?

• They eliminate all out-of-pocket costs

• They provide peace of mind with predictable costs

• They increase the number of covered services

• They reduce the premium payments

What is the relationship between premiums and deductibles?

• Higher premiums usually mean higher deductibles

• Higher premiums usually mean lower deductibles

• Premiums and deductibles are unrelated

• Premiums are always higher than deductibles