What Does Deductible Mean In Relation To Health Insurance?

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   Ben Simpson

   President, Simpson Financial Solutions, Omaha, NE

   This is the amount of money that you pay before the insurance company pays anything towards your medical expenses. When shopping for insurance this isn't the only thing to take into account. Make sure when shopping for a health insurance policy that you look at the out of pocket maximum. The initial deductible may be very low, but many companies have plans that have Coinsurance. So once you have met your deductible the insurance company may charge 50%. So if you go in for a covered service and the bill is $2000 you would pay $1000 up to a maximum dollar amount set on your policy.

   Answered on June 24, 2013

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