If your coinsurance is 20%, you must pay $20 and the insurance plan pays $80. It applies after you meet your deductible.įor example, let's say it costs $100 to see your doctor. This way you keep your monthly costs lower by taking the chance that you may not need to pay your deductible.įind examples of how your deductible works with other costs, like your coinsurance and out-of-pocket maximum.Ĭoinsurance is the percentage of the cost that you must pay for a covered service. If you know you won't use your insurance often, you may want to choose a plan with a lower monthly premium and higher deductible. This means you'll pay more each month, but the amount you pay when you go to the doctor will be less over the course of the year.
If you know you'll be using your insurance often, you may want to choose a plan with a higher premium and lower deductible. Tip for choosing your premium and deductible The lower the deductible, the higher premium. In most cases, the higher your deductible, the lower your premium. For example, if your deductible is $1,000, your plan won't pay for some services until you've paid $1,000. In most cases, it's paid monthly, but can be paid every 3 months or yearly.Ī deductible is the amount you must pay before the health plan starts paying for your covered services. The premium is the amount you (or your employer) pay for your health insurance plan whether you use medical services or not.
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