Knowing your health care insurance or your health care services deductible can help you save money on the total costs of your health care.
Most people are familiar with the word deductible because it usually means a car or home insurance. However, health insurance can get complicated. This is because of the different types of deductibles which I will be discussing below.
Health Insurance Deductible
A health insurance deductible is the agreed money that you need to pay for the policy. This is the amount that you agreed to self-insure yourself before you can start claiming your medical expenses.
Kinds Of Health Insurance Deductibles
There are three different degrees of deductibles when it comes to health insurance policies. Here are the deductibles that you should be aware of. In this way, you will know how these things can impact your coverage differently:
1. Individual Deductibles VS. Family Maximum Deductibles
If you have health insurance through your partner or yourself, the cumulative deductible may interest you. When it comes to insurance plans, these deductibles can be either for a family or individual.
The individual deductible is the amount each person has to pay. A family deductible, on the other hand, is the cumulative amount for every family member covered. This can help you save money because every member has a contribution to the total deductible.
2. Non-Comprehensive Deductible
A non-comprehensive deductible is common in most policies and has many advantages. It can be defined as a specific deductible that can be applied to certain medical expenses or specific coverage.
For instance, certain coverages have deductibles that need to be paid before paying for the benefits. This means that some coverages don’t have deductibles, while there are some that have.
3. Comprehensive Deductible
The comprehensive deductible is easy to understand. This kind of deductible can be applied in all coverages and can be added up until all the deductibles are met.
Are Deductibles The Same For All Healthy Insurance Coverages
Health insurance deductibles are not the same. There are some medical expenses and coverages that have low deductibles compared to your overall plan. There are some medical expenses covered that are not included in deductibles, as well.
For you to know how much money you’ll end up shelling out, you need to ask your health insurance provider the questions below:
What coverages have deductibles?
Are there any coverages that won’t have deductibles?
What are the coverages that require co-insurance or co-pay?
Asking these questions will help you understand all the benefits your health insurance has for you.
These are all of the information that you need when it comes to health insurance deductibles. Knowing all of the information above will help you choose before signing the plan for yourself or your family.
Based on Materials from The Balance
Photo Sources: Philadelphia Magazine, Kaiser Health News, Philantrophy.cam.ac