The IRS Deductions Blog

Posts Tagged ‘insurance deductibles definition’

Question: What is an Annual Insurance Deductible?

I’m looking at health care plans.

One says, “Annual Deductible of $7,500. You pay $53.16 a month.”

I read the definition of an insurance deductible and it said, “Your deductible is a predetermined fee that you’ll be required to pay before your health insurance carrier will be responsible for paying your benefits.”

Does this mean I have to pay $7,500 before the health insurance kicks in?
Or am I just misunderstanding all of this?

Answer: You pay $53.16 per month ($638 per year, which is actually very low), whether you receive any medical care or not. You also pay the first $7500 of medical bills each year. The health insurance pays the rest. For example, if your medical bills for the year are $10,000, then you pay the $53.16 per month plus the first $7500 of medical bills and the insurance pays the last $2500.

Items on Amazon Right Now for Insurance Deductibles Definition:

Labour and Employment

There may be a rough road ahead for employers that offer medical benefits to employees through self-insured group health plans. Self-insured group health plans are group health plans that do not shift the risk of the cost of medical coverage from the employer to an insurance provider.

Health Reform & Americans with Disabilities (05/20/2010 Web chat)

Question: What are the proposed deductibles and co-insurance levels under the government run plans under consideration?

What are the proposed deductibles and co-insurance levels under the government run health plans currently under consideration by President Obama and congress?

I thought I could do a quick Google search but I cannot find an answer to this? Are there any details or proposals on this?
p.s. I am looking for a fact based answer to this, not political spin one way or the other.
I am surprised that there are not even any ballpark figures here.
Anyone have anything even remotely specific to go on?

Answer: There are no details yet. If you want, have a look at how much they are in the Netherlands, Switzerland and Taiwan which have similar systems to what Obama wants to bring in.

FACT – Insurance companies in the USA admit to pushing up prices, buying politicians and not paying out claims when they should
FACT – PER PERSON the USA spends more on healthcare than any other nation on the planet
FACT – Obama debated his plans before the election for healthcare
FACT – the chance of a child under five of dying in the USA is greater than industrialised nations with universal health coverage
FACT – Obama was elected by the American people to bring in change
FACT – Obama wants to stop insurance companies from screwing the American people
FACT – The reforms Obama wants work in the Netherlands and Switzerland

Items on Amazon Right Now for Insurance Deductibles:

Walk-in centers offer fast, cheaper treatment for those with less-critical health issues

Get FREE Daily Headlines by email! Sometimes you just want to see the doctor now. Whether you’ve twisted your ankle while shoveling snow, sliced your finger open dicing onions or are beginning to suspect that sore throat is actually strep, the time has come to call in a professional.

Health Insurance : How Do Health Insurance Deductibles Work?