What is the difference between a copayment and a deductible?

What is the difference between a copayment and a deductible?

A copayment is a fixed amount you pay for a specific service, while a deductible is the amount you pay out-of-pocket before insurance kicks in.

Can you give me an example of each?

Sure! For instance, if your copayment for a doctor's visit is $20, you pay that each time. If your deductible is $1,000, you must pay that amount first before your insurance covers costs.

Which one do I pay first?

You typically pay your deductible first before your insurance starts covering costs, but copayments are paid at the time of service.

Are there plans with no copayment?

Yes, some health insurance plans have no copayment for certain services, especially preventive care.