Health insurance seems to speak its own language, so we’re here to translate a term you might hear when you’re shopping for a plan: deductibles. While it may not be the juiciest topic to read about, it’s important to understand deductibles since amounts can vary greatly from plan to plan. And those slight differences can have a major impact on your bottom line.
What is a Health Insurance Deductible, and how can it Affect Your Health Care Budget?
A deductible is the amount you must pay for health care services before your insurer starts to share the costs. For example, if your health plan has a $2,000 deductible, you will pay for the first $2,000 of health care services you receive. Once you have paid this amount, your insurance will begin to pay for some or all of your health care services, depending on your health plan. Most health plans are required to cover preventive care, immunizations, and health screenings before you meet your deductible.
You Shouldn’t Have to Choose Between Your Health and Your Budget
Deductibles have been getting a lot of attention in recent years. Articles have reported that some people overlook the amount and conditions of deductibles when choosing their health plan, resulting in them skipping care because they couldn’t afford the out-of-pocket costs.
When shopping for a health plan, be sure to ask how much the deductible is and what services it applies to. If the services are ones you or your family use often, you may want to look for a different plan. These factors are something we considered when creating our individual health plan options.
Independence Blue Cross Offers Low- and NO-deductible Health Plans!
If you’re looking for health insurance with low out-of-pocket costs, consider the Keystone HMO Silver Proactive. Silver Proactive members have NO medical deductible when they use Tier 1 – Preferred providers, who offer the same services to members at a lower cost. And the good news is that Tier 1 includes more than 50 percent of doctors and hospitals that participate in our network. With some other health plans, you might pay the full cost for some services before the health insurance company starts to share the cost.
The bottom line is this: If you’re looking to save money this year, take a closer look at your current health plan’s deductible (how much it is and what services it covers). Need a change? Visit ibx4you.com to shop your health insurance.