A Co-Pay is the flat fee you pay for specific areas of the policy, where the deductible does not apply. For example: $30 Physician Visit, $50 Preventative Care, $50 Urgent Care, Medication: $10 Generic, $35 Brand, $55 Non Brand. It’s the “foot in the door” money.
This is an important part of the process … co-pays versus deductible. You must find a good broker who will ensure that you only pay “the correct amount”. The co-pay “in itself” should not be confused with “how can I get my co-pays lower”? I say this because I would rather have clients pay “an extra nickel” in co-pays versus a higher monthly premium. I feel you should “do the math”, and that it make sense. Why would anyone want to pay an extra $2000 a year in premium to save $15 for a “once in a while” visit to the physician?
All PPO’s have co-pays … make sure your broker advises you on what the co-pays are, how they work, and what the best value is , as it pertains to the premium, and the balance needed to create maximum value.
Should you have questions I can help you answer, do not hesitate to post under comments section or send me an email directly at: evelyn@PrescribeMeInsurance.com. I am happy to help!
