There are two separate buckets. One bucket is a hospitalization and out-patient bucket. The second bucket is a copay bucket. They are completely separate buckets. Let's look at the first bucket - the deductible and coinsurance bucket:
For example: If you need to have your appendix removed, you will go to the hospital. Perhaps it will cost $30,000 for the operation. What do you pay? You will pay your deductible and your coinsurance. The remainder that is due is paid by the insurance company.
Coinsurance? What is that? You have never heard of that! You and Blue Cross co-insure the first $10,000 of the $30,000 operation. If you have a 70/30 plan, you will pay 30% of the first $10,000 or $3,000 and Blue Cross will pay $7,000. After you have paid your deductible, of let's say $2,500 and your $3000 coinsurance, you do not owe any more. It doesn't matter if it was a $1,200,000 operation, you don't have to pay any more than the $5,500, ($2,500 + $3000). Since you have reached your deductible and coinsurance, you don't pay anything more for the rest of the year. You may have copays as you visit a doctor.
Now, let's look at the copay bucket:
You wake up Monday morning and you have a head cold that is killing you. You know that you have to see a doctor, because last year you didn't and this progressed into pneumonia. When you go to the doctor, you will have to pay the copay — typically $30. Who pays the rest? The insurance company pays the doctor the difference between the copay you paid and the total charge.
They are separate:
The (copays) and (deductibles and coinsurance) are separate. If you are hospitalized, copays do not apply. You will pay your deductible and coinsurance.
On the other hand, if you go to see the doctor for a sick visit, you only pay a copay — no deductible and coinsurance involved here.
So, you can see that copays are very different from deductibles and coinsurance. You are probably happy, too, to learn that your copays are available to use immediately.
One of the first and most important decisions in getting an education is choosing the right program. There are a variety of options available, including degree, diploma, and certificate programs. The purpose of this article is to identify the basic differences among these programs and to examine their respective strengths and weaknesses.
A degree is the traditional measure of a college education. A college degree signifies that its recipient has fulfilled both "core requirements" and "major requirements". Core requirements are intended to provide students with a basic knowledge of arts and sciences. Typically, these "core classes" include math, history, natural sciences, composition, and even physical fitness. And while students may have some discretion in choosing individual classes within these broader subject areas, all students must complete a set number of "core requirements". Additionally, students must satisfy the "major requirements", which are based on the student's chosen area of emphasis.
There are several different degrees, including associate, bachelors, masters, and doctorate. Degrees vary based on the time needed to complete their respective "major requirements". Typically, a full-time student can complete an associate degree in two years and a bachelors in four. Masters and doctoral degrees may take several years to complete depending on the area of study.
The primary strength of the degree is that it offers not only specialty training but also the kind of broad-based knowledge that is considered the hallmark of a liberal education. Furthermore, degrees have a long tradition and therefore tend to carry more weight with potential employers. On the other hand, degrees also take more time and cost more money than diplomas or certificates. Thus, for many students looking for job-specific training, some of the advantages of a degree might be deemed superfluous.
In comparison with degrees, diploma or certificate programs are not, strictly speaking, academic credentials. A diploma or certificate simply indicates that its recipient has completed a series of courses focusing on a particular field. For example, while a degree program in computer science would cover a range of topics, including programming and programming languages, software engineering, database administration and maintenance, and application development, not to mention math, science, and the other liberal arts, which are part of "core requirements," a diploma or certificate program would focus on one particular area, such as software testing, or provide a survey of several related areas.
The requirements of diploma or certificate programs vary by institution, and the terms diploma and certificate are often used interchangeably. Two universities could easily offer similar programs in content and duration, one may award a diploma while the other awards a certificate. In other words, there is no generally accepted standard that distinguishes diplomas from certificates. Thus, the crucial distinction to keep in mind is how the diplomas and certificates differ from degrees, not from each other.
The strengths of diploma and certificate programs are that they tend to be significantly shorter than degree programs and they focus more on practical applications rather than theory. Diploma and certificate programs are less expensive and their entrance requirements are far more lenient than those of degree programs. Diploma and certificate programs also tend to be more flexible, with more classes being offered in the evening and on weekends and with programs starting regularly throughout the year (as opposed to being restricted to semesters or terms). Thus, while degrees may continue to be the benchmarks of college education, diplomas and certificates provide a valuable alternative to students seeking job-specific training in a relatively short period of time.
Both Richard Day & Ben Welch are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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