What is an Insurance Deductible?

Your deductible is the amount you pay for covered healthcare services before your insurance plan starts to pay. For example, with a $2,000 deductible, you pay the first $2,000 of covered services out of pocket, then your insurance begins to pay.

After you meet your deductible, you usually only pay a co-payment or co-insurance for covered services. Your insurance company pays the rest. Hearing aids typically count towards your deductible.

• Many plans pay for certain services, like a well visit or disease management program, before you’ve met your deductible. Check your plan for details.
• All “marketplace” health plans pay the full cost of certain preventive benefits, even before you meet your deductible.
• Some plans have separate deductibles for certain services, such as prescription drugs.
• Family plans often have both an individual deductible, which applies to each person, and a family deductible, which applies to all family members.

Generally, plans with lower monthly premiums have higher deductibles.  Plans with higher monthly premiums usually have lower deductibles.

This information, plus much more, including a full explanation of your hearing programs and benefits can be answered by our in-house Insurance Specialist.  You can contact her directly by clicking here.