Define copay and deductible in pharmacy benefits.

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Multiple Choice

Define copay and deductible in pharmacy benefits.

Copay is the fixed amount you pay at the pharmacy when you pick up a prescription, with the rest covered by the plan according to your coverage tier. Deductible is the amount you must pay out of pocket before the insurance starts covering prescription costs. In practice, you may pay the deductible first, and once that amount is met, you switch to paying the set copays or coinsurance for medications. Copays are about the point-of-sale cost; deductibles are about meeting a spending threshold before coverage kicks in.

Copay is the fixed amount you pay at the pharmacy when you pick up a prescription, with the rest covered by the plan according to your coverage tier. Deductible is the amount you must pay out of pocket before the insurance starts covering prescription costs. In practice, you may pay the deductible first, and once that amount is met, you switch to paying the set copays or coinsurance for medications. Copays are about the point-of-sale cost; deductibles are about meeting a spending threshold before coverage kicks in.

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