In a given year, you are expected to pay this amount before your healthcare insurance kicks in. What is a Deductible?Ī deductible is the amount of money you will pay out of your pocket before your healthcare insurance will start to cover some of your healthcare expenses. To help you make the best decision for your health insurance, let's first dive into what these terms mean. Insurance terms such as “deductible,” “coinsurance,” and “copay” may be things you have heard before, but it can be challenging to understand how they all function in practice. If you’ve ever had to choose a health care plan for you or your family, you know how difficult it could be to understand. Lastly, the out-of-pocket maximum is the absolute maximum amount of money that any individual will be liable for paying in a given plan year. Once you exceed your deductible, you will pay a portion of any further claims incurred while the insurance carrier pays the remainder. Key TakeawaysĪ copay is a flat amount that you pay when you go to a specific facility-say, a $20 copay for a visit to your primary care physicianĪ deductible is an amount you pay before the insurance carrier begins to pay a portion of your claims. We’ll go over the basics of what these terms mean and how to find out how much they will cost you (based on your health insurance plan). Simply put, deductibles, coinsurance, copays, and out-of-pocket maximums are all insurance terms that indicate cost share. You may have heard words like “deductible” and “coinsurance,” but what exactly do these terms mean for you and your wallet? ![]() When you enroll in a medical plan and receive your medical ID card, you may be stumped by what the different terms and numbers on that card mean.
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