Why You Need to be Familiar With Your Insurance Deductible
Many insurance plans have a deductible. While a deductible is neither a good or bad thing, it can be a little difficult to understand. A deductible is how much you have to pay for medical expenses before your insurance starts to pay. For example, if you have a $1,000 deductible and have a bill that is $800, you will have to pay the whole $800 since your deductible has not been met. If you have another bill after that, let’s say for $700, you would only pay $200 to meet your deductible, and your insurance company would pick up the rest. Deductibles start over at the beginning of the year, but usually stay the same in amount.
Some other useful information you should know is that preventive care is something that you never have to pay for, even if your deductible has not been met. This is thanks to the Affordable Care Act. The best things to do in order to keep a good understanding of your deductible are read everything carefully, talk to your providers about any concerns you may have and if possible enroll in a Health Savings Account or Health Reimbursement Account.
By reading everything about your healthcare plan before you sign up for one, you are less likely to experience any surprises. Always feel free to talk to your healthcare providers about your insurance. They have been dealing with insurance companies just as long, if not longer, than you and have a more in-depth relationship with them. They might be able to answer your questions or guide you in a better direction. Enrolling in a savings account or reimbursement program can help take some of the financial burden of doctors bills off your plate.