What is a deductible? A co-payment?
A deductible is the initial amount of "covered" health costs that you pay before your insurance plan begins reimbursement. A deductible is usually a set dollar amount such as $250 or $500.
A co-payment is the portion of your health care expenses not covered by insurance. A co-payment is usually a percentage figure, like 10% or 20%. For example, on a $500 bill, your deductible might be $150, so you would have to pay the first $150. This leaves a balance of $350. Of that $350, your co-payment might be 20%, meaning that you will have to pay an additional $70. Your insurance company will pay the remaining $280.
The hospital will file the claim for you. After insurance has made payment, you will receive a bill asking for payment on the balance using cash, check, or credit card. Make sure that you understand what the hospital requires and what payment options you have.