Don’t Forget About the Deductible When Choosing an ACA Plan
When you’re shopping for health insurance on the ACA Marketplace, it’s easy to get caught up in the monthly premiums and maximum out-of-pocket costs. But it’s important to remember that the deductible is also an important factor to consider.
Deductible, Out-of-Pocket Maximum, and Other Costs
Deductible: The amount you have to pay for covered services before your insurance starts to pay.
Out-of-pocket maximum: The most you have to pay for covered services in a year.
In general, plans with lower monthly premiums have higher deductibles, while plans with higher monthly premiums have lower deductibles. So, it’s important to find a balance that works for your budget and your health needs.
Choosing a Plan
If you’re healthy and don’t expect to have any major medical expenses, you may be able to save money by choosing a plan with a higher deductible. However, if you have a chronic condition or are at risk for a major medical event, you may want to choose a plan with a lower deductible.
Here are some examples to help you understand how the deductible works:
Example 1: You have a plan with a $1,000 deductible. You go to the doctor for a checkup and the bill is $200. You have to pay the full $200 because you haven’t met your deductible yet.
Example 2: You have a plan with a $1,000 deductible. You go to the hospital for surgery and the bill is $10,000. You have to pay the first $1,000 (your deductible), and then your insurance will pay the remaining $9,000.
It’s important to note that the deductible is only for covered services. If you receive a service that is not covered by your plan, you will have to pay the full cost of the service.
Conclusion
When you’re choosing an ACA health insurance plan, it’s important to consider the deductible, out-of-pocket maximum, and other costs. By understanding how these costs work, you can choose a plan that meets your budget and your health needs.
If you need help choosing an ACA health insurance plan, you can contact a licensed agent. Agents can help you compare plans and find the one that’s right for you.
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