You must consider deductibles, copayments, premiums, and coinsurance when selecting a health insurance plan. Before you apply, you can compare health coverage plans and learn if you qualify for lower costs on premiums. The majority of those who submit applications will be eligible for financial support in paying for health insurance.
Below are six things you must know about deductibles:
1) Having health insurance can help you save money even if you have to pay your deductible out of pocket. Insurance companies negotiate rates with providers, and you will pay the lower rates on your monthly premiums. Applicants who do not have health insurance will pay twice as much for medical care.
2) A health coverage deductible is not the same as other kinds of deductibles. Unlike renters, auto, or homeowners insurance, which do not provide services until the deductible is met, many health plans provide some benefits before paying your deductible.
3) All Marketplace coverages provide preventive care treatments. Immunizations, screenings, and other preventative care services are all covered without the need for you to pay a deductible. Many health insurance plans offer other benefits such as physician’s visits and prescription medications even if you haven’t met your insurance deductible.
4) In 2014, the individual out-of-pocket costs for in-network services are limited to $6,350. The maximum expenses for families are approximately $12,700. Even if you opt for a high deductible catastrophic plan, your out-of-pocket charges should not exceed this amount.
5) Over 70% of Marketplace programs have deductibles of less than $3,000. When selecting a health insurance plan, it’s critical to understand what your insurer covers without requiring you to pay a deductible. Then you can choose between a plan with lower monthly premiums and a higher deductible and one with a higher monthly premium but a lower deductible.
6) Silver plans can save you even more money. You can save more money with a lower copay and deductible if you qualify for lower out-of-pocket expenses and choose a Silver plan. If you are eligible, you’ll receive the out-of-pocket savings benefits of a Platinum or Gold plan for the price of a Silver plan. You can sign up for any plan category, but these out-of-pocket savings are only available if you enroll in a Silver health plan.