What Is the Difference Between a Health Insurance Copayment and a Deductible

question 10

Essay

What is the difference between a health insurance copayment and a deductible?

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Definitions:

Producing Product

The process of creating goods or services that are offered in the market for consumption or use.

Resources

Assets or inputs used to produce goods and services.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the financial gain in excess of opportunity costs.

Accounting Profit

The total revenue of a firm less its explicit costs; the profit (or net income) that appears on accounting statements and that is reported to the government for tax purposes.