Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
A deductible is the amount of money you must pay before your health insurance benefits begin paying for services that are subject to the deductible. For example, if your deductible is $2,000, you're required to pay the $2,000 deductible for services before the plan benefits "kick in." The deductible may not apply to all services though - some services, for example, may only require a copay or coinsurance amount, varying from plan-to-plan.
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A deductible is the dollar amount you may be responsible for before specific benefits are paid. Typically, a deductible does NOT apply to preventive benefits on most plans. This is a result of the Affordable Care Act legislation that was recently passed.
On many policies, a deductible may only apply to major medical expenses instead of office visits and prescriptions, when a smaller copay may apply (in lieu of a deductible).
There are many deductible options, as they usually range from $0 to about $6,350 per person.
What deductible is best for your situation? An experienced broker will compare available plans and guide you through the process of picking the ideal amount.
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On many policies, a deductible may only apply to major medical expenses instead of office visits and prescriptions, when a smaller copay may apply (in lieu of a deductible).
There are many deductible options, as they usually range from $0 to about $6,350 per person.
What deductible is best for your situation? An experienced broker will compare available plans and guide you through the process of picking the ideal amount.