Merit pay. Merit pay is a term that describes performance-related pay, most frequently in the context of educational reform or government civil service reform (government jobs). It provides bonuses for workers who perform their jobs effectively, according to easily measurable criteria.
Coinsurance is the percentage of your medical bill you share with your insurance company after youâve paid your deductible. Unless you have a policy with 100 percent coverage for everything, you have to pay a coinsurance amount. You have an â80/20â plan.
Generally, the higher your deductible (the amount you have to pay before your insurance company will make payments on your claim), the lower your premium (the payment you make to maintain your insurance policy). Deductibles come in a variety of increments such as $250, $500, $1,000 or more. As an example, by reducing your deductible from $500 to $250, you would only pay $250 when a claim is accepted by the insurance company, but that lower deductible comes at the cost of higher premium. Balance what you can afford to pay with the deductible that makes sense for your budget.