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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. When it comes to paying for your health insurance there are three primary components: your deductible, your coinsurance and your monthly premium. The deductible is an important, yet often misunderstood piece of the healthcare puzzle.
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.
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:
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.
We know it gets a bit confusing, so if you still have questions, ask us below!
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