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The Curious Bag
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The word "deductible" as it pertains to health insurance can be hard to define. It is extremely important to know what a deductible is in order to choose a health insurance policy that is appropriate for you.
Definition of Health Insurance Deductible
A deductible is the amount that an insured person has to pay out of pocket before insurance benefits kick in.
Typical Amounts for Deductibles
Deductible amounts range between $500 and $2,500 per person. A person with a $500 deductible will have to pay $500 before benefits for certain services, such as surgical or diagnostic, will be paid by the insurance company.
Individual Deductible
The individual deductible applies to everyone on the insurance policy.
Family Deductible
Most insurance policies also have a family deductible amount. A person with an insurance policy that has $500 individual deductibles and a $2,000 family deductible only needs to meet the $2,000 deductible amount for benefit coverage. It will not matter how much each person has accumulated toward his individual deductible amount.
Deductible Renewal
Deductibles renew each benefit year. Most benefit years match the calendar year.
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