Alright because I am so involved in my brain right now... What is a deductable? Is that what you have to pay before they take effect?
What does out of pocket max mean? Is that all I will have to pay for a major proceedure?
I know if I racked my brain enough I would remember but really I am not thinking 100% right now.
Sorry I needed it quick. My computer only allows me to be on that page for so long. Thanks
A deductible is how much you need to spend before insurance pays anything.
Out of pocket max is the max you will have to pay over this course of a year. Intransigence picks up everything once the max is reached.
This will help you understand:
Yes a deductible is what you pay out of pocket up to a certain point, but it also the minimum you would have to pay when seeing certain doctors
Out of pocket max means once you reach that amount insurance will kick in.
A deductible is what you have to pay before insurance kicks in. If you have a 1000 deductible and you needed to have a procedure, you would have to meet the 1000 before insurance kicks in. It all depends on what you plan considers part of the deductible.
Out of pocket max is the most you will pay. So, let's say insurance pays 80% of hospitalization and you have an out of pocket max of 10,000. You go to the hospital 3 times. 20% of the total is yours to pay up to 10,000.
Ideally, your deductible is low, your out of pocket max is low and your total coverage is high.
You should talk to HR to discuss your questions but....
"What is a deductable? Is that what you have to pay before they take effect?"
Yes. The insurance will still get you discounted prices when applicable, but they won't pay the bills until you've paid the deductible. Some medical things are always covered though, regardless of the deductible. Routine checkups, for example.
"What does out of pocket max mean? Is that all I will have to pay for a major proceedure?"
It is the max amount you'll have to pay out of pocket during the year.
