With medical costs skyrocketing, many people are searching for bigger health insurance coverage at an affordable premium. One strategy to keep those premiums down is to bear part of the medical cost yourself, either through a fixed deductible, a percentage-based co-pay, or sometimes, a combination of both.
While the difference might appear minor when you’re purchasing the policy, it can have a big impact on what you end up paying out of pocket if you need to go to the hospital. So, what’s the real difference between a deductible and a co-pay? Which one could end up costing you more, and which option is the better choice?
