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G1G Travel Insurance - Medical, Trip Protection, and Visitor Insurance

What is co-pay? How is it different from my deducible?

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 A co-pay is the splitting, or joint assumption of monetary risk between you and your provider. Unlike a deductible that relates to a predetermined fixed amount the insured pays to receive a particular service or course of treatment, co-insurance relates to the percentage split of costs between the insured and their provider (ranging from 90%-10%; 80%-20%; and up to 50%-50%). Stop loss limits can exist within coinsurance schemes, and these limits refer to a maximum the insured can pay before their insurer covers further eligible expenses. The most common form of co-pay benefits in Travel Insurance is an 80%-20% split of the first $5000 in medical expenses. Meaning you incur 20% of medical expenses with a total limit of $1000 or 20% of the first $5000 in medical expenses. Many products offer discounted co-pays for those who go within that products provider directory (PPO). Common discounts are 90%-10% splits or in some cases a complete waive of the co-pay as a whole.


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