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What is Individual Deductible in Health Insurance?

A deductible is a specific dollar amount your health insurance plan may necessitate you to pay out of pocket toward covered medical care every year before your health plan starts to pay for covered medical costs.

Your annual deductible can differ significantly from one health insurance plan to another. Plans with higher metal levels (like “gold” or “platinum” plans) tend to have a lower annual deductible but higher monthly premiums. Plans assigned lower metal levels (such as “bronze” plans) tend to have lower monthly premiums but higher yearly deductibles.

Most health insurance policies will pay for certain services – such as a check-up, physical, or a disease management program – before you have met your annual deductible.

All marketplace plans will pay the entire cost of certain preventive benefits, as required by the Affordable Care Act.

Moreover, keep in mind that family plans typically have an individual deductible, which applies to every individual, and a family that applies to the entire family.

Be aware that copayments usually do not count towards your deductible; nevertheless, they do typically count toward your out-of-pocket expenses.

After you’ve reached your out-of-pocket maximum, your insurance will pick up the whole bill for any other covered care you receive in that year.

Is It Probable to be Insured Without a Deductible?

Yes, it is possible to get a health insurance plan without a deductible!

Some health insurance plans (usually HMOs) do not have a deductible at all. These plans are known as zero-deductible plans. Zero-deductible plans usually come with higher premiums, while high-deductible plans typically come with lower premiums.

If you regularly visit doctors or take multiple medications, a zero-deductible plan may suit your budget and coverage requirements

You can start shopping on Health Insurance Plans Company and get free quotes for health insurance, as well as HMO plans.

High Deductible Health Insurance Policies and Health Savings Accounts (HSAs)

Health insurance policies with a high-deductible and low-premiums may appeal to generally healthy people, do not anticipate getting hurt, and do not regularly visit the doctor. While low-premiums may seem appealing to many health insurance customers, it is vital to consider the number of healthcare services you may need in the upcoming year for yourself or any dependents you may have. If you select a high-deductible plan, you may be eligible for a Health Savings Account (HSA). An HSA enables both you and your employers to deposit a limited amount of pre-tax dollars into this account for medical expenses.

The Meaning of “No Charge After Deductible”

This means that as soon as you have paid your deductible for the year, the insurance carrier will kick in and pay 100% of the rest of your covered medical expenses for the year. In this situation, you will not have a copay or have to pay a coinsurance.

In many health insurance plans, the health insurance company (also called provider or carrier) usually only pays 100% of covered medical expenses after you have reached your out-of-pocket maximum. This threshold is a similar idea to your deductible, apart from usually higher — meaning you have to spend more money on covered medical expenses before reaching it.

Resources and References:

• The Affordable Care act
• High Deductible Health Plan