A medical deductible is an important part of your health insurance plan. When shopping for health insurance, it’s important not to take the medical deductible lightly. Understanding all aspects of medical insurance helps you make better choices for your health.
HealthMarkets Insurance Agency understands your unique health insurance needs, and we have a portfolio of products from more than 180 national and regional insurance companies. We can help you find the right medical deductible and coverage for your needs and budget.
What You Need to Know about a Medical Deductible
What is a medical deductible? A medical deductible is the amount of money that you will pay for medical services before your health insurance company will start accepting claims and providing coverage. However, your health insurance plan will likely provide coverage for some types of services before you meet your deductible. Know which services are covered by your plan, even if you haven’t met the deductible yet. The higher your deductible, the more you need to plan for out-of-pocket medical costs as part of your family’s budget.
What is a medical copay? Copayments are another out-of-pocket cost your health insurance plan requires you to cover yourself. The amount of your copay varies based upon the service you need, but each service has a set amount. This means that each time you see a specialist, you may have to pay a fixed amount at the time of service.
What’s the difference between the two? The deductible is a yearly cost. Once you fulfilled it, you don’t have to pay any further deductible costs until the next year. However, a co-pay is an out-of-pocket expense that you’ll need to pay when you receive medical service. Review your policy thoroughly to become familiar with any copays the insurance company requires.
HealthMarkets has thousands of licensed representatives are waiting to talk with you about medical deductibles, as well as all other aspects of health insurance for which you may have questions. Call us at (800) 360-1402 to find a licensed representative in your local area, or reach us online today.