I have a question about individual health insurance....?

Question

I'm helping my boyfriend look for health insurance and we're trying to figure it all out.

The one thing catching us up are detuctibles. If he pays $120 a month with a $5000 detuctible, does that mean he pays $5000 first before getting any benefits?

Answer 1

Yes. That type of insurance is basically a "major medical"  type of policy.

If you want regular care with checkups, try an HMO. They are more affordable that an 80/20 plan, another option, which means you pay 20% of he bill and the insurance picks up the other 80%.

Answer 2

deductibles are a key point to pay attention to when choosing ANY type of insurance . . . http://www.COMPAREusINSURANCE.com will display the major insurance companies in your area after you enter your zip code. The companies on that website tend to have lower rates because they are all competing with each other on there

Answer 3

Yes.  The insurance company doesn't pay anything, until after he's paid the first $5,000 in covered medical bills.  

That kind of deductible cuts the premium in half.

Answer 4

Generally (but not always) with individual health insurance you can still get the doctor visits and prescriptions for the co-pay without having to meet the deductible first. If the plan does not have co-pays for those items you have to meet the deductible before receiving any benefits.

You also need to look at the co-insurance. The plan may have a $5000 deductible but after you meet the deductible you still have to pay 20% co-insurance, usually up to a maximum out of pocket amount.

You should visit a local agent that works with all the major companies in your area. The agent can explain what is covered and how the plans work with the different companies and can find the best plan for your situation and budget. There is no extra charge using an agent.