In each newsletter, we’ll spotlight health insurance terms or phrases to help you better understand how your plan works. In this issue, we explain three common but sometimes confusing terms.
Copayment: The fixed amount you pay for a covered health care service. Example: a $20 copay means that when you go to the doctor and receive a bill that shows a cost of $130, you will only pay the fixed amount of $20. Quartz will pay the rest.
Deductible: A predetermined amount of money a member must pay before Quartz makes a payment toward covered services. Deductibles accumulate during your benefit period (usually a year) and reset at the end of the benefit period.
Coinsurance: The percentage of the charge for covered services you pay after you’ve met the deductible. Example: If an office visit is $100, and your coinsurance is 20%, you’d pay 20% of $100, or $20. Quartz pays the rest. If you haven’t met your deductible, you pay the full amount of $100.
Learn the specifics of your plan in your Summary of Benefits. You can also see your health insurance in your secure MyChart account. Log in or learn more at QuartzMyChart.com.