How Do Health Insurance Deductibles Work? A health insurance deductible is a specified amount or capped limit you must pay first before your insurance will begin paying your medical costs.
Cost
In the expansive and often confusing world of health insurance, a lot of terms are tossed about. These words may be confusing to a first-time health insurance buyer or anyone trying to understand how health insurance works.
What Are Health Insurance Deductibles?
What’s the Right Deductible for Me?
A low-deductible plan may be best for a larger family who knows they will be frequently visiting doctors’ offices. These plans are also a good option for a person with a chronic medical condition. Planned visits such as well visits, check-ups on chronic conditions, or anticipated emergency needs can quickly add up if you are on a high-deductible plan.
High- vs. Low-Deductible Plans
Some health insurances limit the percentage of your medical claims they will cover. You are responsible for the remaining percentage. This amount is called coinsurance.
Your out-of-pocket maximum is the most you will pay during a policy period. Most policy periods are one year long.
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