Understand payments involved with insurance

Premiums are monthly payments made to the insurance company for your coverage.

Co-pays is a fixed payment amount for treatment that is paid directly to the doctors' office.

Premium it's a monthly payment.

Co-pay it's a payment to the policy

Explanation:

The word Premium has some meanings when it comes to Insurance vocabulary. It is not only a monthly payment but also the payment due in case of a liability to the insured person, made by the Insurance Company. When the insured client makes a claim.

Co-pay is a fixed installment, made by an insured client to an Insurance Company, before a contract. For instance, Medicare. In case you make use of it you'll pay for it, if you don't you'll do it too. It helps to make the policy cheaper.

So the answer for Co-pay, it's a payment to the policy.

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