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What else can I help you with?
Does the deductible count towards the out-of-pocket maximum?
Yes, the deductible typically counts towards the out-of-pocket maximum in health insurance plans. Once you reach your deductible amount, your out-of-pocket costs may decrease or be eliminated, depending on your plan.
Can you explain how family deductibles work in health insurance plans?
A family deductible in a health insurance plan is the total amount that a family must pay out of pocket for covered medical expenses before the insurance company starts to pay for any costs. Once the family meets the deductible, the insurance company will typically start covering a portion of the costs, with the family responsible for any remaining copayments or coinsurance.
What is the cheapest health insurance option available to avoid the tax penalty?
The cheapest health insurance option available to avoid the tax penalty is usually a high-deductible health plan.
What happens to my Health Savings Account (HSA) if I switch from a High Deductible Health Plan (HDHP) to a Preferred Provider Organization (PPO) plan?
If you switch from a High Deductible Health Plan (HDHP) to a Preferred Provider Organization (PPO) plan, you can still keep your Health Savings Account (HSA). However, you can no longer contribute to the HSA while on the PPO plan. You can still use the funds in your HSA for eligible medical expenses.
Where can I get an HSA?
You can get a Health Savings Account (HSA) through some banks, credit unions, and insurance companies. It is typically offered as part of a high-deductible health insurance plan.
How do deductibles work for health insurance?
A deductible is the amount of your actual, billed health care costs that you must pay before the insurance will kick in. Your premium does not count towards your deductible. The higher your deductible, the more you have to pay before your insurance will start to cover your bills.
WHEN health insurance deductible?
WHEN WHEN when is health insurance deductible paid when? When?
High deductible health plans?
A high-deductible health plan contains certain minimum dollar limits on the annual deductible and maximum limits on the out-of-pocket expenses listed under the plan. An individual health care plan would be considered high-deductible if it has an annual deductible of at least $1,200. A plan for family coverage is considered high-deductible if it has an annual deductible of $2,400. Out-of-pocket expenses for 2011 may not exceed $5,950 for individual coverage and $11,900 for family coverage. Out of pocket expenses include deductibles, co-payments, etc. www.bankofkc.com /personal/hsa-faq.aspx
What is healthy insurance deductible?
Health insurance deductables are what you have to meet out of pocket before your health insurance companies begin paying.
What is a high deductible health insurance policy?
High deductible health plans are part of a trend toward "consumer driven health care", which emphasizes more custom-built policies and flexibility in health care financing. A high deductible health insurance policy is one in which the individual or family deductible (depending upon the nature of the policy) is, generically, substantially higher than in the typical health insurance policy. The "deductible" is the amount of money that the insured has to pay from his/her own funds before the insurer's obligation to pay is triggered. In such a policy, it is not unusual to see a deductible of several thousand dollars. This sort of policy is often paired with a health savings account (HSA), An HSA permits the participant to set aside a stated amount of money per year, up to a statutory maximum to be used toward health care expenses (such as meeting the deductible and co-payments of the insurance policy). The funds that are set aside get tax advantaged treatment. If all are not used for approved medical purposes during the year, the remaining funds can be carried over and used in future years when expenses may be higher.
What does the term deductible mean on health insurance?
It's the part of the cost you must pay before the insurance pays anything.
Is a health premium the same as a deductible?
No. When referring to health insurance, the "premium" is the amount you pay to the health insurance company each month to maintain your coverage. The "deductible" is a specific dollar amount you may be required to pay out-of-pocket per year before the health insurance company will begin paying for medical services covered under your policy. The amount you pay toward your monthly premium (or for copayments) does not count toward your annual deductible. Not all health insurance plans have a deductible, and even among plans with deductibles, some services may be covered up-front (preventive care, for example) without being applied toward your deductible.
Where can one find a high deductible health insurance plan?
There are a number of places where one could find a high deductible health insurance plan. Some businesses that offer high deductible health insurance plans include Aetna and United Healthcare.
Who is the deductible paid by?
The deductible in a person's health insurance policy is paid by the owner of the policy. This means that the person who purchases the policy is responsible for the deductible fees.
Does health insurance cover removing your tonsils?
Health insurance will cover the majority of it up to a certain amount. You are also responsible for the deductible (a specified amount that you have to pay before insurance kicks in).
What describes a situation in which people will have to pay deductible?
A deductible is the amount a policyholder must pay out-of-pocket before their insurance coverage kicks in. For example, in a health insurance plan, if a person has a $1,000 deductible and incurs medical expenses of $1,500, they must first pay the $1,000 before the insurance covers the remaining $500. Similarly, in auto insurance, if a driver has a $500 deductible and is involved in an accident causing $2,000 in damage, they will need to pay the first $500 before the insurer pays the rest.
Health care non-deductible expenses?
Publication 502 has all of the information on health care expenses. It has separate chapters that list both deductible and non-deductible expenses: http://www.irs.gov/pub/irs-pdf/p502.pdf
