How Do Deductibles Work
March 22nd, 2011
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Question: how do deductibles work in health insurance?
I’m self-employed, and I’m thinking about buying health insurance, but I’m a bit confused. My main concern is with regular doctor visits, not big accidents. Can someone explain to me:
1. What do they mean by “deductible”?
2. how do deductibles work?
(I pay for every doctor visit until I reach the i.e. $ 5000 in payments, then after that I pay only $ 35 per visit? or do I pay $ 35 per visit just for being covered, and only $ 5000 when I get into a big accident or am hospitalized?)PLEASE, I need help
Answer: Deductibles are: the amount of money that you have to pay before the insurance company will pay anything for you or help you pay (as with co-insurance).
How it works: If you get a plan that “covers” doctor visits, then normally you would have like a $35 copay every time you go to the doctor (sometimes with a limit to how many times you can go a year). Now, lets say that after you visit the doctor, the doctor finds something really wrong with you and tells you to go to the hospital or you wind up in the hospital on your own. This is where your deductible will really come into play. The $5,000 is the amount you’ll have to pay on your own for hospital visits/surgery/doctor visits. This (normally) includes the copay. But then you might have co-insurance on top of the deductible which is normally 20-30%. That means that after you meet the deductible (pay $5,000 out of your pocket), then you will have to pay 20-30% of the remaining bill out-of-pocket and the insurance covers the rest.
Sorry if it’s confusing, but every health insurance plan is different, so I don’t know what restrictions yours has.
If you’re looking for a plan that mainly focuses on doctor visits, then I would make sure that you have a plan that has a low $ amount for copays and covers prescriptions.
Items on Amazon Right Now for How Do Deductibles Work:
Cuts made to retirement plan
The Rowlett City Council has been discussing making cuts to its employee benefits for months.
Can I Deduct Job Seeking Expenses?
Posted in 
Tags: