$40 copay but no deductable. what does that mean?

Question

I am trying to figure out if my insurance covers NuvaRing. On my benifits list it says that name brand prescription drugs have a copay of $40 but 0 deductable. And a $30 copay for preferred drugs and 0 deductable. Im new to this and would like to know what this means. it also says that coinsurance was 80%. oh and my insurance is BlueCross BlueShield Tenneesseee

Answer 1

You have to pay $40 each time you get a presciption filled, but there is no yearly minimum you have to reach in out of pocket expenses before the insurance kicks in.

For example, If you have a $50 deductible and $10 copay, you would have to pay $10 each time you got a presciption, but first you would have to spend $50 of your own money on presciptions. Then you would pay just the $10 copay and the insurance would pick up the rest.

Deductible is how much you have to spend of your own money before the insurance will cover anything.

Copay is the portion you pay once the insurance starts covering costs.

Answer 2

A Deductible would be the first amount you owe BEFORE your copay. Example, If you had a $300 deductible, you must pay the full cost of that prescription or multiple prescriptions until the $300 is satisfied. After that you would pay only the first $40(or your copay) of each prescription. Since you have a 0 deductible you would pay $40 for the prescription if it is non-preferred and $30 if it is preferred. Your insurance or your pharmacy can tell you if it is preferred or not. Either way it is covered, although it is probably non-preferred, as is the case with NuvaRing on most insurances.

Answer 3

$40.00 co pay means you pay 40.00 to the doctor every time you visit. No deductable means you don't have to pay a certain amount before insurance starts paying their share..

So say you go to the doc and he sends you to the hospital
your doctors bill is 500.00 and the hospital bill is 3000.00

Some insurance plans would have like a 40.00 co pay and 1000.00 deductable.
That would mean you'd pay the doc 40.00 up front and the hospital your remaing bill would be 3460.00. because there is a 1000.00 deductable you would also owe another 1000.00 leaving
the insurance company 2460.00 to pay their percentage of (say 70% so they would pay 1722.00 of that 2460.00 still leaving you a abalance of 738.00
but under your plan you pay the 40.00 and then the insurance pays their part of the balance ( say 70%) of 3460.00 or 2422.00 leaving you to pay 1038.00

Now that was with medical coverage with prescription
On drugs if the drug is 134.00 you only pay 40.00
If the drug you need is on a list of their prefered drugs (usually generiac's) you only pay 30.00

Answer 4

It means that you do not have to pay a certain amount before the benefits kick-in. For example, $1000 deductable would require you to pay for the first $1000 worth of drugs in any calendar year.

Answer 5

a deductable is a minimum amount of money you would need to pay before your insurance bennifits kicked in a 40 co pay means that every time you purchase that item you pay 40 and they pay the rest.

you only pay the 40 with 0 deductable,

Answer 6

If you have a co-pay on prescriptions, it is usually based on brand-named or generic drugs... brand names are higher. If the particular drug doesn't come in a generic, you're stuck with the higher priced co-pay. 80% coinsurance usually means that you are liable for 20% of the cost of office calls or other procedures.