Both deductible & Copay are key terms to understand as they have wide use in the healthcare insurance system globally. The concepts of both the terms are discussed below in their respective headings.
Deductible in terms of healthcare insurance system
The amount that must be spent by an insured person out-of-pocket on health care every year, in addition to the extra premium, well before the insurance company starts to pay for health care services is called Deductible.
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