Deductibles are generally much larger than copays, but you only have to pay them once a year (unless you're on Medicare, in which case the deductible applies to each benefit period instead of following the calendar year).
The difference between copays and deductibles is generally the amount you have to pay and how often you have to pay it. If you understand how each of them works, it will help you determine how much and when you. Deductibles, coinsurance, and copays are all examples of cost sharing.
A copay after deductible is a flat fee you pay for medical service as part of a cost-sharing relationship in which you and your health insurance provider must pay for your medical expenses. Copay After Deductible: Everything You Need to Know. A deductible is an amount that must be paid for covered healthcare services before insurance begins paying. Copays and deductibles are both features of most insurance plans. When you go to the doctor, instead of paying all costs, you and your plan share the cost. How it works: You’ve paid $1,500 in health care expenses and met your deductible. You start paying coinsurance after you've paid your plan's deductible. It's usually figured as a percentage of the amount we allow to be charged for services. Coinsurance is your share of the costs of a health care service. If your plan includes copays, you pay the copay flat fee at the time of service (at the pharmacy or doctor's office, for example). A deductible is the amount you pay for most eligible medical services or medications before your health plan begins to share in the cost of covered services.
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