Can you use an example to explain (health insurance) deductible?

Question

with numbers ($$) please

Answer 1

Let's say I have an insurance policy that has a $2,000 deductible. That means I'd have to rack up $2,000 in doctor and hospital bills that year, and pay them out of my pocket, before insurance will begin paying.

If my doctor bills only amounted to $1,000 that year, I would pay all of that myself and insurance would pay nothing.

If I had a major illness and needed to be hospitalized a couple of days, I would pay the $2,000 and the insurance would start paying after that.

Answer 2

Health Insurance Deductible Example

Answer 3

Let's say you have an individual deductible of $500 with a family deductible of $1000. You have a family of four people. This means that all four of you can see doctors, and will only have to pay out the first $1000 worth of charges, instead of $500 for each person. After that, the insurance picks up the tab. If you have "co-insurance", then you pay a portion of that tab. Anywhere from 5 to 30%. BTW - NEVER pay up front! ALWAYS have your insurance billed first. Two reasons: 1.That's how the insurance tracks to make sure when your deductible's been met. 2. You rarely pay the "cash" price - you usually pay what the insurance would pay. (Meaning, if the doctor bills $100 for a visit, but the insurance would only pay $52 - you'd pay the $52, instead of the $100. Which means that technically, you can have ten doctor visits before you meet that $1000.) Best part is - if you don't use it, you're not paying out the wazoo.

Incidentally - deductibles are very specific. Some are only for things done at hospitals. Some are if you're admitted to the hospital. Some are for procedures (labs, X-rays, etc.) Some are for out of network providers. You've GOTTA know EXACTLY what your deductible applies to, so you avoid any ugly surprises!

Answer 4

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It depends on your plan. You should call the member services number on the back of your card to ask exactly where the deductible comes in to play. The deductible may only come into the scene for out-of-network providers or outpatient procedures (like lab tests or X-rays) or it may be for hospitalizations. By calling member services before you need to see a doctor you'll hopefully avoid an ugly surprise in the form of a bill. =) Oh, and to answer your original question - if you have to meet the deductible first - have the provider bill the insurance FIRST, then bill you after. This is the only way (aside from you sending in the bills yourself, which is a hassle) that the insurance knows when you meet your deductible. Also, you'll pay less than a non-insured patient would pay because you'd be paying what the insurance would pay the provider, which is quite often significantly less than the cash price.

Answer 5

$1000 Deductible scenario

Example:
Claim #1 - Hospital Procedure $500. You pay $500 for deductible. Insurance covers zero dollars.
Claim #2 - Doctor's Surgery $750. You pay $500. You've met your deductible for the year. Insurance covers $250
Claim #3 - Anesthesiologist charge $50. You pay zero. The insurance will cover all charges completely (subject to the amount allowed) for the rest of the calendar year.


Note, some deductible only apply to certain medical criterias. Find out if your deductible is applicable to everything, if pharmacy is excluded, if doctor's visits are excluded, minor lab work etc.

Answer 6

You will pay your copay of $30- then after your insurance processes the claim, you will get a bill for the allowable amounts of the visit which was charged. You will be paying about 75-80% of the whole visit on average. Once you have met your yearly deductible then you will pay only your copay of $30.

Answer 7

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RE:
Can you use an example to explain (health insurance) deductible?
with numbers ($$) please

Answer 8

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RE :Can you use an example to explain (health insurance) deductible?
with numbers ($$) please
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Answer 9

If your question refers to the amount of deductible costs of insurance from your taxable income, say, your costs of health premiums paid to an insurance company is $5,000, then, this amount is deductible against your income in order to arrive at your taxable income.