Health Insurance Deductible Explained

Health Insurance Deductible Explained - In this video, I walk you through you all you need to know about what a deducible is, why it's there and where to find it.

In addition, I talk about the difference between an aggregate deductible and an embedded deductible as well as copayments, coinsurance and no charge services.

After you watch my video, you'll know how to read your health insurance summary of benefits and won't be caught by surprise and will understand how your health insurance deductible works.

[alla.e]

Thank you so, so much for this explanation, Michael. I’m 21 and searching for my first health insurance plan and it’s been somewhat overwhelming with all of involved confusing terms and stipulations. I’ve even watched other videos prior to this, but you’ve broken this down in a very easily digestible way. I genuinely feel so much more prepared to take a critical look at the plans available to me. Thank you!!! 😊

[chompgaming]

Thank you so much for such a easy to understand and explanation, I’ve had trouble understanding this for weeks before I saw this now I feel comfortable enough to get myself insurance
Thanks a bunch

[LupusLifestyle]

Excellent explanation! It took me awhile to figure out. I've been hospitalized 6 times in two years and only had to learn about it then. I understand it a lot better now and even more after watching this video. Open enrollment is coming up and I feel the most informed than I have been on which plan to sign up for. Going to share this video. Thanks!

[pjhans]

Thank you for explaining “Deductibles” I was having a hard time understanding it while studying Life license Qualification program.

[mquickle]

currently looking at insurance...thanks for the the heads up on the med/drug deductible!

[erickaw]

Thank you so much for this information!

[dianawatson]

Thank you so much for letting me express my feelings about your video. You record all the videos so well. Keep the hard work going and good luck. Hope to see such a beneficial post ahead too.

[emzfox]

Thank you for the very helpful video. :)

[johnclevenger]

Thank you Michael. You just saved me from making a huge mistake. I never thought about the deductible for Prescriptions. My current plan does not have a Rx deductible but the plan I almost switched to carries a $4000.00 deductible before Rx are covered. Wow!!! Thank you Sir!!!

[Dubblesteel]

Thank you so much, it's gets a tad bit confusing but thank again for a straight answer.

[daleplus]

Great video for untangling the terminology! I've searched around and not found an answer about in and out of network out of pocket maximums that I thought you might be able to help. The plan on healthcare.gov I'm looking at has $7250 ded and $7250 max OOP, so simple! That's in-network. For out of network it's $14500 ded and $14500 max OOP. Say the first encounter, I go to an in-network provider and get services where the allowed amount is $7, 250. The second encounter, I go to an out-of-network provider and get services where the allowed amount for services is $7, 250. I expect to pay 100% of both of those encounters. So in this scenario, I have spent a total $14, 500. My question is, if I had a third encounter with an out-of-network provider for an allowed amount of $1000, would the insurance company pay the provider $1000? In other words, is the out of network accumulator at $14, 500 after the first two encounters?

[jenniferCastellano]

Mine covers annual physical, but my doctor orders lab tests as part of the physical. Would those be covered or are they subject to the deductible? My deductible is higher than yours.

[naomiwilson]

Do you know the difference between a corridor deductible and an intergrated decuctible in relation to health insurance?

[rjc]

So as I understand it, and feel free to correct me if I'm wrong, would a high-deductible plan only be good for those people who are in poor health and make frequent general practitioner / specialist / hospital / emergency room visits? Seems to me only people who run up a huge hospital bill and/or those who have to fill a slew of costly prescriptions would benefit from this. Would it be safe to say the better your health is and the less of a risk you are for worst-case scenarios with health-related emergencies, the lower your deductible should be? Thank you in advance for any clarification you can offer. It is very confusing to navigate this terrain to say the least!

[davidnovoa]

Hello thanks for the video, a question for you, if your wife paid $6000 dollars on different copayments all the family will meet the deductible?

[stanleykub]

I know many people who did not paid a dime for costly medical procedures and treatments. How come?

[BrandonBaunach]

You should start with explaining what a deductible is before going deep into examples and stuff

[glennjohnson]

What other service or product do you buy and pay for that you may not use for years and then when you go to use what you have paid for, oh wait you didn't really pay for it you just paid premiums, nothing premium about it. Co-pay, Co-pay think about how obserd that is. Deductable, who made that up? How much do insurance company's steal from people? They can take their deductible and copay and stuff it. Copay and deductible are made up just to steal more from you. STAY POSITIVE AND TEST NEGATIVE.

[BrandonBaunach]

Your whole intro went over my head cause idk what a deductible is and your whole back story with “copay” “self enrollment” “deductible” etc is confusing for someone who doesn’t know anything about health insurance