What is a Deductible for medical insurance?

A deductible in medical insurance refers to the out-of-pocket medical expenses you must cover before your insurance company starts paying. It resets每年, unless stated otherwise, and varies in amount based on the plan you choose. Here's how a deductible works:

Out-of-pocket Expenses: Before reaching your deductible, you're responsible for all your healthcare costs. This includes copays, coinsurance, and any medical bills that exceed your plan's coverage limits.

Meeting Your Deductible: As you incur eligible medical expenses throughout the year, these expenses count towards meeting your deductible. Once your total out-of-pocket costs reach the deductible amount, your insurance coverage kicks in.

Insurance Coverage After Deductible: After meeting your deductible, your insurance company starts paying for covered services according to your plan's terms. The cost-sharing arrangement (copays and coinsurance) might still apply, but you won't be liable for the entire expense anymore.

Deductible Vs Copay and Coinsurance: Copays and coinsurance are different from deductibles. Copays are fixed amounts you pay out-of-pocket for specific medical services, regardless of whether you've met your deductible or not. Coinsurance is a percentage of covered medical expenses you pay after meeting your deductible, usually alongside a copay or copayment.

When choosing a health insurance plan, carefully consider the deductible amount and your ability to pay these out-of-pocket expenses before your insurance coverage begins. Also, keep in mind that lower deductibles may result in higher monthly premium payments, while higher deductibles mean lower premiums but potentially more out-of-pocket costs.

It's important to review your insurance plan documents and understand your coverage, including the deductible, copays, coinsurance, and eligible expenses, to make informed healthcare decisions.