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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Copay in terms of healthcare insurance system
A fixed fee that an insured patient pays out-of-pocket when he receives the routine health care services is Copay.
Copay is also named as per various books and websites as Co-payment which is used as the payment an individual payout of his/her personal pocket against any health care products or services..