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Simpson Financial Group  Preparing for life’s uncertainties

Health Insurance Claim Form With Health EquipmentHealth insurance policyholders have a certain degree of financial responsibility for their policies. Don't mistakenly believe that your only responsibility is for your policy premium.

Most health insurance plans come with requirements for deductibles. If you're wondering what these deductibles are, and how they impact the costs of care, we've got you covered.

What is a Deductible?

When you see a doctor, your insurance pays for a certain amount of your care. Your deductible, however, is the price you have to pay out-of-pocket before your insurance picks up the remaining costs.

Deductibles are not co-payments — although this distinction often confuses many insurance holders. As such, you may see higher costs at the beginning of your policy year — as you often pay both deductibles and co-pays.

Let's say you have a $2,000 deductible. You'll have to pay that $2,000 for the costs of your medical care during the course of the policy period. After you've met the $2,000 deductible, your health insurance will pay for the rest of your costs of care.

Meeting Your Deductible

Throughout the policy period, you will make small contributions to your deductible. Care that goes towards your deductible might include:

  • General checkups or physicals
  • Specialist visits
  • Prescription costs
  • Specialized testing and diagnostics
Often, the process of paying off your deductible will add up quickly. However, depending on your health plan, certain services — such as routine checkups — may not count towards your deductible. Some plans might also offer a separate prescription drug deductible.

That being said, the law requires that you get fully-covered care for certain preventative services. That means that, even before you've met your deductible, you can get certain care free of charge. Preventative services might include vaccines, lab tests, certain cancer screenings and diabetes testing.

Affording Your Deductible

Many Americans wonder how they can afford the price of their deductible. For many, a high deductible might seem out of reach. However, there are ways to better afford the costs.

  • If you raise your deductible, your insurance company will generally view you as less of a risk. They might reduce your premiums accordingly, making the overall policy more affordable.
  • The Affordable Care Act makes many allowances to help Americans afford their insurance. Cost assistance can go directly towards lowering premiums. Many low-income Americans can then better afford their care.
Meeting a deductible can seem daunting. But, it often is much easier than many health insurance policyholders believe. Your deductible is your responsibility, but you can afford this coverage.

Simpson Financial Group, Inc. has your coverage needs in mind. Call us at (877) 727-7780 for a free health insurance quote.
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