How Health Insurance Deductibles Work

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Many people do not understand how their health insurance deductible works. This blog post will explain how health insurance deductibles work.

The deductible is the amount of money you must pay out of pocket before your health insurance plan begins to cover your covered medical expenses. For instance, if you have a N1,000 deductible and N3,000 in covered medical expenses, you would pay N1,000 and your health insurance would pay the remaining N2,000.

Types Of Deductibles
Deductibles are classified into two types: annual and per-incident.

• An annual deductible is the amount you must pay each year before your health insurance plan begins to cover your covered medical expenses.
  
• A per-incident deductible is the amount you pay before your health insurance plan begins to cover your covered medical expenses. For instance, if you have a N500 per-incident deductible and N3,000 in covered medical expenses for a specific illness, you would pay N500 and your health insurance would pay the remaining N2,500.

Most health insurance policies have both an annual and per-incident deductible. Some plans, however, may only have an annual deductible or a per-incident deductible. Check with your health insurance provider to see what kind of deductibles they have and how much they cost.

A few items do not count toward your health insurance deductible. Preventive care services, immunizations, some cancer screenings, and well-child visits are among them (for kids). Even if you haven't met your yearly deductible, most health insurance plans must cover these costs.

It is critical to remember that you must usually pay your deductible before your health insurance plan will begin to pay for any other medical expenses, such as co-pays and coinsurance.

Some plans may require you to meet your annual deductible before they will pay for anything else, whereas others may only require you to meet your annual deductible before they will pay for specific services such as hospitalization or surgery. Again, it is important to consult with your health insurance provider to determine their specific requirements.

We hope that this blog post was informative and helpful in explaining how health insurance deductibles work. If you have any further questions about your specific health insurance plan and deductibles, please reach out to us on help.rohealth.ng.

To get health insurance, log on to rohealth.ng.