Don't Confuse a Deductible with an Out of Pocket Maximum

Viewers often see our videos breaking down Medicare Supplement plans and Medicare Advantage plans and mistake a deductible for an out of pocket maximum. These two things are very different, and confusing the two could mean overlooking dollars you could save yourself both before you get Medicare and after you move to Medicare.

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Federal Disclaimer:

Chapters:
0:00 Introduction
0:22 Definitions
1:33 Employer Coverage Example
3:56 Medicare Supplement Example
5:19 Advantage Plan Example
8:01 Part D Drug Coverage
9:32 Wrapping Up

[JonKurz]

Best explanation on this topic I have seen. Thank you so much.

[davidfolts]

Best healthcare YouTube videos in the Financeverse. 🎯🎯🎯

[flexjay]

The example of the surgery, with the amount comparison between an employer plan and an Advantage plan, is Huge, in regards to a light bulb moment ! You just need to figure out what your personal deductible coverage would be to decide, but your example is eye opening for sure. Gotta say, ( So far) after watching a few channels on Medicare, your information is the most comprehensive. Regardless of whether i am 100 % correct or not, your information provides a lot of value, and we should all appreciate it.

[landsraad]

Open Enrollment is now, thanks for the help, lol

[ajkvideos]

That's amazing.. thanks for clearing all these

[eduardooramaeddie]

Thank you for the information, very important

[andystamas]

I was literally just talking to my brother about this topic! Great video!

[whydopeoplealwayssayuhm]

i need to see what "free" health insurance looks like in other countries if this is the case. i've learned a lot about health insurance via this video. i'm an adult and i just never understood how these darn ded., out of pocket max., and co-pays, and fees worked..

thanks.

[bernfran]

Hello. I am currently in the Medical Billing part of my online Medical Coding Course. Learning who pays first when multiple agencies invilved. Trying to understand why all don't charge the same and pay the same...

[masterlee]

We just had this discussion at work as we have a base plan and a buy up plan. Our in network deductible is $1, 500 and max out of pocket is $6, 350. Our girl that handles the insurance tried saying on the buy up plan the max was $1, 500. I told the guys I work with "No" that is not right. Then you post this video which I had them watch and now we all understand it a 100%. Perfect video to end the year. Hope you and your family have a happy new year. Stay Safe!

[JohnJohn-wrjo]

Not sure how folks can confuse the two. I find the biggest point of confusion with out of pocket is the in and out of network. Friends of ours caught covid out of state. Both had to be hospitalized, spent weeks in ICU, followed by rehab. Most of which was out of network on their United Health Advantage Plan. Eventually both were strong enough to be transfered back to their home state and finish up rehabbing in network. The transport was done at separate times and that alone was 23k, out of network. Needless to say they are still in shock with the bills that are out of network. Out of pocket didn't apply to these out of network costs. Not what they were told when they signed up. Both claim they asked specifically and were told out of pocket included any bills.

[dsmj]

Very helpful video, thanks! I still need to study my co-pay and co-insurance benefits more closely, but the $8300 max number is less scary now.

[suprajasampath]

Regarding the Medicare Advantage plan deductible, for the above example when a person goes for a surgery isn’t he responsible for Part A deductible of $1632 for 2024. So the advantage plan eliminates the Part A deductible ?

[timein]

Thanks for the great video. How about if you have tricare for life.

[IvaniaAdams]

How did you come up with $14, 000, if coinsurance is $3, 400 and deductible paid was $3, 000. Should you be responsible for $6, 400?

[riglivestreams]

so a $0 deductible is good? im trying to get insurance and looking at videos to see what is good.

[jimmylawrence]

Great video!!! I always learn something when I watch one of your videos. Thank you for making them for us.

[BradBrock-rj]

How is it possible to meet out of pocket max but not deductible? I've met my max but still owe $76.69 deductible. Now for a procedure I'm told I have to pay the $76.69

[tonyreddy]

Why ignoring supplemantle annual fees.. 7:19

[EverolBarnett]

Hi @theretirementnerds is $50 per visit not subjected to a deductible better than $0 after deductible?