Insurance Explained: What Is A Deductible?
Every week we'll be breaking down frequently asked questions about health and life insurance to help you make more informed decisions about your own plan. Read on to learn more about deductibles and how they affect your costs.
The Basics:
Your deductible is the amount you pay before your insurance plan starts to cover your health care costs. Generally, you must pay all the costs from providers up to the deductible amount before your plan begins to pay.
Is EVERYTHING included in that deductible?
Some health services will be covered by your insurance even before you've met your deductible. Checkups and preventative care may be paid for by your plan already, whether or not you've reached the deductible amount. Only a copayment or coinsurance charge may apply.
Are there individual deductibles for specific services?
Generally, no. You don't have to meet deductibles for specific services.
If there's more than one person on my plan, does the deductible apply to just me or to my whole family?
If you have other family members on your plan, each family member must meet their own individual deductible until the total amount of deductible expenses paid by all family members meets the overall family deductible.