Health Insurance Deductible

Are you planning for your Health Insurance deductible?

adults young adults

Make sure you budget for your deductible. These days Health Insurance is getting more and more complicated. Basically, the insurance companies need to offload the cost to you and want to look like they are offering more options. You need to know what your deductible is and your co-insurance cost is. Your deductible is just like the deductible on your car insurance. Before your insurance pays anything you are responsible for this cost.

For example, if you have a Family Deductible of $800 and incur $1300 in charges at the hospital, the hospital will charge you $800 (your responsibility). If you have a family, you can pretty much count on this $800 cost every year. So plan for it! Option 1 – within your budget, set up an automatic transfer every month into a savings account $75 – 100. Option 2 – Utilize the HSA option in your plan. Sometimes an employer will put free money for you, only because they want you to use that plan. If you don’t do this, you will end up with a pile of medical bills in 2 years you don’t have savings to pay for. Trust me.

Co-pays are different, make sure you account for those in your monthly budget as well. You should be able to estimate every month by looking at your calendar and seeing what medical appts you have lined up.

Co-insurance is like a double deductible. After your co-pay AND your deductible, you will now have to pay co-insurance, which is your share of the cost. This is all clearly outlined in your explanation of benefits. If you find it confusing, just call the number on your health insurance card, someone will be happy to explain you how much you need to pay them!

At the very least you should be able to login to your health insurance online. You can get emails every time a new claim is processed and spend some time understanding your costs better.

Create a Buffer Account

Use your Buffer Account to be ready for the unexpected!

 

Receive the BasicMoneyTalk Newsletter!

Be part of our tribe and receive the latest content and tips on saving more of YOUR Money! Join for Free!

Teen Money Management

Parents, teach your kids what you wish you learned at their age!

Teens, Get ahead of your peers and learn how to manage your money now! Celebrate your independence by seeing your money grow while you also enjoy it. You can start and stop this on-demand course at any time. Your future self will thank you! You'll learn About ..

  • Being an Employee
  • Get a Checking account and Debit Card
  • Automatic Savings
  • Good Spending Habits
  • Setting Goals
  • Considering College and Your Future
  • Credit Cards
  • Auto Loans
  • Taxes
  • Realistic Budgets
  • Pro Tips!

Next Level Money Management

For Young Adults and Adults. Don't waste time with old habits and routines your parents had to use. Save time and Reduce Stress. Use the latest trends to manage money in today's world. Start Saving Now! If you don't take action you will continue to stress out about money.

 You'll learn about..

  • Opening the right accounts
  • Automating your Savings
  • Monitoring your purchases
  • Automate organizing
  • Understanding your spending
  • Saving time with Bills!
  • Reaching your goals!
  • Avoiding fees
  • Securing your info
  • Making life easier!
  • Estimated Time: 30