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What is a Copay?
Your copay amount is printed right on your health plan ID card. Copay s cover your portion of the cost of a doctor's visit or medication.
Do I always have a copay?
Not necessarily. Not all plans use copay s to share in the cost of covered expenses. Some plans may use both copay s, deductibles, or coinsurance, depending on the type of covered service. Also, some services may be covered at no out-of-pocket cost to you, such as annual checkups and certain other preventive care services.
What is a deductible?
A deductible is the amount you pay each year for most eligible medical services or medications before your health plan begins to share in the cost of covered services.
For example,
If you have a $2,000 yearly deductible, you'll need to pay the first $2,000 of your total eligible medical costs before your plan helps to pay.
What is coinsurance?
Coinsurance is a way of saying that you and your insurance carrier each pay a share of eligible costs that add up to 100% percent.
For example,
If your coinsurance is 20% percent, you pay 20% percent of the cost of your covered medical bills. Your health insurance plan will pay the other 80% percent. If you meet your annual deductible in June, and need an MRI in July, it is covered by coinsurance. If the covered charges for an MRI are $2,000 and your coinsurance is 20% percent, you need to pay $400 ($2,000 x 20%). Your insurance company or health plan pays the other $1,600. The higher your coinsurance percentage, the higher your share of the cost is. You are also responsible for any charges that are not covered by the health plan, such as charges that exceed the plan’s Maximum Reimbursable Charge.
What is an out-of-pocket maximum?
Out-of-pocket maximum is the most you could pay for covered medical expenses in a year. This amount includes money you spend on deductibles, copay s, and coinsurance. Once you reach your annual out-of-pocket maximum. Your health plan will pay your covered medical and prescription costs at 100% for the rest of the year.
The distinction between an employee and an independent contractor is an important one for the IRS because it affects withholding of federal income tax and FICA taxes for (Social Security and Medicare).
Employees have federal income tax and FICA taxes withheld from their pay, and employers must also make payments for these taxes. Independent contractors or self-employed persons are responsible for calculating any payment received as a result of work and paying their own federal income and FICA taxes for (Social Security and Medicare).
The Commercial General liability coverage is part of a businessowners policy (BOP).
AXL INSURANCE GROUP is a General Insurance Agent (GA) that offers comprehensive insurance solutions to for-profit and non-profit organizations, professional services, healthcare, technology, retail stores, financial services, and contractors with hundreds of other businesses and over 500 business classes.
1. A BOP provides tremendous value. Ideal for most small businesses, a BOP bundles the major coverages small business owners need – including general liability, property, equipment breakdown and business interruption insurance – into one affordable policy. For additional protection, you can add employment practices liability insurance (EPLI) and cyber insurance, safeguarding your customers against these growing risks.
2. A BOP provides both comprehensive and customized coverage. Our Basic, Plus and Blanket and Medical Dental enhancement endorsements offer over 80 different supplemental coverages. To further customize your customers’ coverage, you can add liquor liability or professional coverage, depending on the class of business. You can also add insureds to the policy and include a per-project or per-location endorsement.
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