What is a health insurance deductible?
A health insurance deductible is the amount an insured person must pay annually for services and procedures before the insurance provider makes any benefit payments. For example, if you have a $3,500 deductible, you must pay $3,500 out-of-pocket for medical expenses before your insurance provider begins paying a percentage of the medical invoices.
What is a deductible in health insurance?
A deductible in health insurance is the amount an insured person pays out-of-pocket for covered healthcare services and procedures before the insurance provider starts to pay. Depending on the level of health insurance plan chosen, the deductible could be higher or lower. The amount of the deductible tends to coincide with the premium – a higher monthly premium typically means a lower deductible, and a lower monthly premium usually means a higher deductible.
What is a deductible for health insurance?
A deductible for health insurance is the amount of money an insured person must pay out-of-pocket for the covered year in order for their insurance provider to begin covering a percentage of medical expenses. For instance, if you have a $2,000 annual deductible, then you must pay $2,000 out-of-pocket for medical expenses covered by your health insurance plan before your insurance provider begins to cover any portion of the cost of your medical expenses.