Understanding the out-of-pocket healthcare costs is an important part of managing your budget. When it comes to your health insurance, knowing what a deductible is and how it works should be your primary consideration. Understanding the role a deductible plays in your insurance plan is the first key to getting the healthcare you and your family members need when it’s needed.
So, what is a deductible?
A health insurance deductible is the set amount you are required to pay out-of-pocket for eligible services before your health insurance takes over payment. In other words, you have to pay your part of the bill first, before the claim made by your provider will be addressed and paid by your insurance company. For example, if your insurance has a $500 deductible, you must pay the first $500 towards healthcare services covered by your plan. Once you pay the deductible, the insurance will pay the remainder of the bill (up to the policy limits).
Do I have to pay the deductible every time I see a doctor?
Deductibles are usually in place for a year’s worth of insurance. After you meet the deductible, no matter when that occurs during the year of coverage, most insurance plans will not require you to pay anything more for additional medical procedures/services (not including copayments or coinsurance for office visits and the like). Some insurance plans will pay for certain services that others do not before you’ve met your deductible; but you have to check with your insurance company to find out which services those are under your plan.
Should I choose a plan with a high deductible or a low deductible?
High-deductible insurance plans allow people to pay a small premium amount each month, though expenses when one actually uses the insurance (e.g., copayments) are often higher than those of someone with a low-deductible plan. High-deductible plans often work well for people who are so healthy that they are likely to have very few medical expenses; they may end up paying less because their premiums are low and their deductible is not needed. Low-deductible plans, on the other hand, usually have a higher premium payment than high-deductible plans. These plans are beneficial for people who anticipate needing to see a doctor multiple times throughout the year, such as families and people with chronic health conditions.
Health insurance deductibles can vary between plans. With an understanding of deductibles, you will be able to research available plans more confidently, comparing costs based on your personal needs.
Quick Claimers Medical Billing is a professional medical coding and billing company based in El Paso, Texas. The experienced team of medical coding and billing specialists at Quick Claimers is committed to providing effective medical coding and billing solutions to healthcare professionals to support productivity and payment; they will organize and process the healthcare claims for your practice with accuracy and efficiency. If you would like more information about what services Quick Claimers Medical Billing has to offer to help your healthcare practice, please don’t hesitate to contact them online or by phone at 915-351-6600.