With the rising cost of health insurance, businesses and individuals are looking for ways to cut the cost of premiums. One way is to increase the policy deductible. A deductible is an amount of money, set by the policy, that the insured will pay before the insurance company pays benefits. They run per calendar year, so on January 1st each year, your deductible will begin again. It is important to understand the different types of deductibles.

Depending on the policy, a deductible can be either comprehensive or non-comprehensive.

Comprehensive Deductibles

These deductibles must be met before benefits are paid by the insurance company. The insured is responsible for submitting copies of paid bills to the insurance company to receive credit toward the deductible. The amount of the deductible can range anywhere from $100 to several thousand dollars.

Example:

If your deductible is $500 annually, you will pay the first $500 of medical bills, no matter what services or prescriptions you need. If you need medical services on a consistent basis, you may meet your deductible fairly soon. Once that is done, the insurance company will pay your bills based on the policy terms.

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