5 Things You Need To Know About Your Health Insurance Deductible Before It Resets
You might not think much about your deductible if you are a generally healthy person with few health expenses. Simply put, a deductible is the amount of money you have to pay out of pocket before your insurance plan starts to take it over. If you have an insurance plan, then you also have a deductible. Here's how to get the most out of it.
If your monthly premium is high, your deductible is usually low.
Your premium is the amount that you pay toward your insurance every month. Generally, if you are paying more for that premium, your total deductible will be lower than plans under your provider with less expensive premiums. A lower premium will save you more money if you require very little care during the year. Alternatively, a lower deductible will save you more if you need more visits during the year.
Your copay doesn't count toward your deductible.
In most cases, your copayment, the regular cost of care for services paid at the time of visit, is completely separate from your deductible. Copayments don't count towards meeting your deductible, and you'll still have to pay your copay after you've reached your deductible.
Some services are fully covered before you meet your deductible.
Most preventative care is covered before you meet your deductible, depending on your insurance plan. Covered preventative care includes routine check-ups, physicals, and screenings. Contact your insurance provider to get your full details.
Your health insurance deductible resets every year.
Your deductible resets at the end of your plan year or the calendar year. The calendar year ends when you would expect - December 31st - and resets on January 1st. A plan year ends when your insurance plan, usually a company plan, renews. Regardless of your plan, your deductible will reset.
Take advantage of your deductible.
Be sure to schedule your visits before your deductible resets at the end of the month!
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