![]() ![]() The video below was made by Consumer Reports and provides a good explanation on how High Deductible Health Plans work. If you have any questions about your plan, please reach out to your insurance company. insurance will not cover cosmetic procedure even if you meet your ou-of-pocket-max. you may be required to pay a percentage of the total bill) till you reach your “out-of-pocket max.”Īfter you reach your “out-of-pocket max”, insurance typically covers all costs provided it is a covered medical benefit e.g. In contrast, the deductible is the amount you’re required to pay before the health insurance starts to cover defined benefits. you have to pay this amount out of pocket before insurance starts covering your cost of medical care.Īfter you have met your deductible, you may still have a copay or co-insurance (e.g. The higher the deductible, the more out-of-pocket costs you pay before your insurer begins covering medical expenses. Both are known as an out-of-pocket expense A copay is a fixed amount that is paid at the time you receive medical services or get a prescription filled. The dollar amount that you have to pay before your insurance “kicks-in” is variable and depends on your plan (this dollar amount is called your deductible).įor many plans, the deductible can be greater than $5,000 for individuals and $10,000 for families i.e. Your insurance plan requires you to pay for all your medical expenses out-of-pocket until you meet the deductible set by your plan every year A deductible is the amount you pay for most eligible medical services or medications before your health plan begins to share in the cost of covered services. If you are on a High Deductible health plan: ![]()
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