Health Insurance Before MedicareMarch 23, 2021
What is Co-Insurance?September 18, 2021
A deductible is the amount you have to pay before your insurance company pays the rest of the costs of your medical treatment. The amount of your deductible will vary from plan to plan from as low as $0 all the way up to $15,000 and everything in between. For a long time the rule was the higher your deductible the lower your monthly payment, however with changes being made to the marketplace that is not necessarily the case anymore.
For example let’s say you have a $2000 medical bill with a $1500 deductible and an 80/20 coinsurance after that this would be the breakdown:
You pay the first $1500 then you’d pay 20% of the left over $500 or $100.