Insurance Maze Blog

Feb 1

Health Insurance-”Deductible”

Category: Health Insurance post

February 1, 2008

In health insurance your “Deductible” is your share of the insurance risk. You may have already heard a health insurance agent tell you something like - “Well, the higher your health insurance deductible, the cheaper your insurance premium will be.” This agent is absolutely correct.

In health insurance, your “deductible” is your share of a health insurance claim. This is the amount you must pay first before the health insurance company will begin to pay on your insurance claim.

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The “deductible” may be a flat dollar amount or a percentage of the insurance claim amount.

The more common places where “deductibles” will apply in health insurance would involve hospital admission and related expenses, emergency room treatment, specialized medical tests, and prescription drugs. There could be other areas.

Health insurance premiums seem to be constantly on the increase due to many things, including improved medical technology and losses experienced by health insurance companies.
It is not uncommon today for an individual or a family to purchase a high health insurance “deductible”, to keep the premium lower and then put aside money into a special account called a Health Savings Account (HSA).

IMPORTANT: If you are currently shopping for the right health insurance plan and comparing health plan prices, please make sure all the benefits, deductibles, exclusions, co-payments and lifetime maximums are the same. Never cancel an existing health insurance policy until the new health policy has been issued and is in full benefit.

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