How Does Health Insurance Deductible Work
Health insurance deductibles are not the same thing as co pays.
How does health insurance deductible work - If your plan s deductible is 1 500 you ll pay 100 percent of eligible health care expenses until the bills total 1 500. Unlike auto renters or homeowners insurance where you don t get services until you pay your deductible many health insurance plans provide some benefits before you meet the deductible. A health insurance deductible is different from other types of deductibles.
So say you have a plan with a 1 000 deductible and 20 coinsurance this means you will need to spend 1 000 in medical costs before the health insurance company you bought your plan with starts paying for their percentage outlined in the plan s details. A deductible is the amount you pay for health care services before your health insurance begins to pay. If a health insurance policy has a 50 co pay and a 500 deductible then the insured is responsible for paying for the first 500 of health care costs under his policy.
Screenings immunizations and. Your health insurance deductible is the amount you pay before your insurance plan s benefits begin. All marketplace plans cover preventive care.
After that you share the cost with your plan by paying coinsurance. The simple deductible definition is that it s the cost you have to pay out of pocket before your insurance kicks in.
