1. The Premium (Your Subscription Fee)
Think of the Premium like your Netflix or gym subscription. It is the amount you pay every single month to keep the insurance active. You pay this whether you visit the doctor zero times or fifty times.
2. The Deductible (Your Starting Line)
Your deductible is the amount of money you have to pay out of your own pocket before your insurance starts paying for the big stuff. If your deductible is $2,000, you pay the first $2,000 of your medical bills that year. Only after you hit that number does the insurance jump in to help.
3. The Copay (The Cover Charge)
A copay is a flat fee you pay for routine things, like $25 when you visit a regular doctor or $15 for an asthma inhaler. Usually, copays do not count toward your deductible.