What is a Health Insurance Deductible?The Surprising Truth About Insurance Deductibles »
insurance deductible :
insurance deductible is a specified amount of money that you must pay before your insurance plan starts paying for covered medical expenses. Deductibles can vary widely from plan to plan, and they can be different for individuals and families.
For example, let’s say your health insurance plan has a deductible of $1,000. This means that if you have a medical expense that’s covered by your plan and it costs $2,000, you’ll need to pay the first $1,000 out of pocket. After you’ve paid the deductible, your insurance plan will start covering the rest of the cost, subject to any copayments, coinsurance, or other cost-sharing requirements.
How Do Health Insurance Deductibles Work :The Surprising Truth About Insurance Deductibles »
Health insurance deductibles work differently depending on the type of plan you have. Some plans have a single deductible that applies to all covered medical services, while others have separate deductibles for different types of services, such as prescription drugs, hospital stays, or specialist visits.
In addition to deductibles, health insurance plans often have other cost-sharing requirements, such as copayments or coinsurance. Copayments are fixed amounts that you pay for certain services, such as a $20 copay for a doctor’s visit. Coinsurance is a percentage of the cost of a service that you’re responsible for paying, such as 20% of the cost of a hospital stay.