Quick question about medical insurance?

Question

I've had this explained to me a billion times but just can't keep it straight. What does "deductible" mean? Is it the amount you have to pay before benefits kick in OR is it the amount that the insurance company will pay and anything above and beyond is your responsibility?

Answer 1

it's the amount you have to pay before they start paying

Answer 2

You pay the deductible and "deduct" it from your claim.

Answer 3

Most of them are right. But, it also depends on your insurance. Some of them mean that, u pay a co-pay up to your deductable amount, say $25 per visit till you hit $500, then they pay 100%. And, if you go to the emergency room, u would pay the whole visit up to $500, then the % of whatever your insurance is (like 20/80). You really need to sit down with your human resources and not leave till you understand it.

Answer 4

A deductible is the amount that you must pay before your insurance will start paying.  Generally after you meet the deductible, you will have co-insurance apply.