What does it mean when you have a deductible- Health Insurance****?
What does it mean when you have a 5,000 deductible? does that mean that i order for my insurance to pay I have to first pay 5,000 out of pocket?
If so, what is the point of the Insurance, I’d be paying over $200 a month, as well as paying for all my doctor visits until reach 5,000 THEN my insurance kicks in?
That’s exactly what a deductible is. The reason you still need the coverage is in case you have some catastrophe and you don’t end up with tens or hundreds of thousands dollars in medical bills.
It’s very frustrating and that’s why we need health care reform.
EDIT: I (along with thousands, maybe millions) also have a $5000 deductible so I don’t know why this other guy is so surprised. You should set up an HSA if your insurance qualifies which allows you to set aside money tax-free for medical expenses.
Health & Renter’s Insurance : About Very High Deductible Health Insurance
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