Being insured is a must. And especially in countries like the U.S. it is very important. The reason being that the cost of health care is very high and sometimes it becomes unaffordable for common people.
With that being said if one has to select or choose a health plan you might come across many different terminologies which some might find intimidating.
One of the common terms which you might come across by going through a health plan is Deductible Cost.
What is a Deductible Cost?
Deductible Cost is the amount of money you have to pay annually to the health insurance company. You have to pay this amount before you go for the first visit to your doctor, in order for the Insurance company to give you insurance. But this a one time payment which you have to pay only once every year.
Let’s take an example. Suppose the Deductible Cost in your plan says $400 and doctor’s visit says $15. Then once you start your coverage. Before you goto a doctor you have to pay $400 to your health Insurance company. And once you visit a doctor, you have to pay $15 and the insurance company would take care of the rest of your bill. In case you are not going to visit a doctor in the year, you don’t need to pay the deductible cost.There are different kinds of plans available. The deductible Cost ranges from as low as $0 to $2500 or even more. So it depends on what plan you want to take and how much you are willing to pay. You still have to pay your monthly premium every month in order to keep your insurance plan running.