What is the annual deductible on health insurance? If it says Family: 5000, what does that mean?

Question

What is the annual deductible on health insurance? If it says Family: 5000, what does that mean?

Answer 1

Well it could be the $5,000.  Depending on the plan it may have an individual deductible of $2,500 (for example) and once someone has hit their deductible and the accumulated bills of the other family members hit $5,000 you've hit the deductible (that's how some work anyway).  OR, especially if it's an HSA, it could be just one $5,000 deductible that all family members' bills count towards.

Answer 2

As far as my knowledge,this is a question with various answers,it is really depending on the mind of yourself,providing a great resource here for reference though.http://health-insurance.onlinebestoffer....

Answer 3

You must pay $5000 per family for covered services before your insurance starts to pay.

Answer 4

This is probably an HSA type of plan where you or any covered member of your family can contribute to part or all of the family deductible. In other words your family's risk is for medical expenses is $5,000 per year, after that the insurance company pays. For more info about HSA's see link below.

Don

Answer 5

That between everyone in the family, the first $5,000 of medical bills aren't covered.

Answer 6

Family $5000 could be the out-of-pocket maximum per family, in additon to the deductble.

Without seeing the policy, it could be that the maximum out-of-pocket per individual would be $2500, plus the deductible, with a maximum of $5000 per family, then 100% copay after the deductible.

It could also be a total combined individual and family deductible of $5000, then 100% copay after the deductible.

Examples:

After your deductible the policy might have 80/20 coinsurance. In other words, in this case, after the deductible, the policy would pay 80% of the next $12,500, and you would be  responsible for the 20%, or $2500, per individual, in a calender year, but a maximum of $5000 per family, even if claims are submitted for more than two family members. After the deductible and copay have been met, the policy would pay 100% of the reasonable and customary charges, up to a specified maximum. (Probably $1,000,000 or more.)  

The other scenario would be that your policy has a $5000 combined family deductible. That would be the maximum deductible for an individual or combined family. After that is satisfied, the policy might pay 100% of the reasonable and customary charges, up to a specified maximum. (Probably $1,000,000 or more.)

Hope this helps.