Most of us have heard of a deductible associated with a claim for a car accident or our home insurance.
This is when you make a claim and there is a dollar amount you would be responsible for absorbing when you make a claim for damages. This dollar amount must be satisfied before any money is reimbursed from your insurance coverage each calendar year.
Your health insurance may also require you to satisfy a deductible before receiving any reimbursements for your medical expenses.
But not all plans are the same. Some plans may not have any deductible at all, while others can have a deductible that ranges from just a few dollars to a few hundred dollars.
Typically a deductible applies to coverage across the entire plan, but more plans are starting to also include deductibles for specific benefits, like prescription drugs.
A per script deductible is where you may have to satisfy a small amount (like $5) on every prescription before any reimbursement is made. Other plans may require a larger deductible be satisfied before any drug claims are paid.
Most benefit plans typically don’t pay 100% of your medical expenses. It's quite possible that your coverage requires you to satisfy some kind of deductible before any claims are paid. In addition to deductibles, your plan likely includes limits such as a co-insurance and plan maximums that can impact how much you will be reimbursed for your claim.
You can learn more about health insurance on our website. The more you know, the more you can make your benefit plan work for you.
