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A deductible is the amount that you are responsible for paying on your health insurance policy. Depending on the policy, you may only have to pay the amount when you have a major medical claim. It is possible (especially with catastrophic policies), the deductible will apply to other types of medical expenses.
Typically, 100% of preventive expenses are NOT subject to a deductible, and often office visits and prescriptions only are subject to a small copay.
As an experienced broker (33 years in the business), our job is to effectively recommend the best deductible for our customers by researching and comparing the best options from the top-rated companies.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
A health insurance deductible is the amount you must pay before your benefits "kick in" and begin paying (for most services - some benefits, such as preventive care, provide coverage immediately). The deductible amount varies by plan. For example, under the new Affordable Care Act, a catastrophic plan may feature a $6,350 deductible, a bronze plan may feature a $5,000 deductible, a silver plan may feature a $3,000 deductible, a gold plan may feature a $2,000 deductible, and a platinum plan may feature a $0 deductible. These figures are not the same for all plans on each metal level.
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Typically, 100% of preventive expenses are NOT subject to a deductible, and often office visits and prescriptions only are subject to a small copay.
As an experienced broker (33 years in the business), our job is to effectively recommend the best deductible for our customers by researching and comparing the best options from the top-rated companies.