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When it comes to paying for your health insurance there are three primary components: your deductible, your coinsurance and your monthly premium.
Allow us to define deductible: Your health insurance deductible is the amount you must pay before the health plan starts paying for your covered care. For example, if your deductible is $5,000, your plan won't pay for some services until you've paid $5,000. However, all Health Insurance Marketplace plans and many other plans must cover certain preventive services without charging you a copayment or coinsurance . This is true even if you haven’t met your yearly deductible.
What is the right deductible for you?In most cases, the higher your deductible, the lower your monthly premium, and the lower the deductible, the higher the premium. This is one of the questions you should ask yourself before buying health insurance.
If you know you'll be using your insurance often, you may want to choose a plan with a higher premium and lower deductible. This means you'll pay more each month, but the amount you pay when you go to the doctor will be less during the year.
On the other hand, if you know you won't use your insurance very much, you may want to choose a plan with a lower monthly premium and higher deductible. This way you keep your monthly costs down by taking the chance that you may not need to pay your deductible.
Deductible vs Out-of-PocketHere is an example of how the deductible, coinsurance and maximum limit you would need to pay work together.
You have an insurance plan that has a:
At the start of each year, your deductible and coinsurance resets for the next plan year and the $5,000 deductible and 20% coinsurance starts again.
We know it gets a bit confusing, so if you still have questions, ask us below!
I'm glad you discussed about this health insurance deductable. I'm one of those people who doesn't have any idea about the cost they deducted on my account every month.
I wasn't aware of this health insurance deductible. In your blog, it's stated that it is the amount you must pay before the health plan starts paying for your covered care. Is it applicable to other insurances?
A new employer is offering a plan with a $3000 individual deductible and a $9000 family deductible. If it is only my spouse and myself do we have a $3000 penalty for being a family and have to pay $9000 in deductibles. Or is the total deductible $6000? This makes or breaks whether or not my spouse switches to BCBS.
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