What are the different types of health insurance deductibles?

Health insurance deductibles are important pieces of information to consider when shopping for a health insurance plan in Washington. A deductible is the amount of money that an individual must pay out-of-pocket for certain healthcare services before their health insurance company will start to cover expenses. In Washington, state health insurance plans feature three different types of deductibles: annual, monthly, and per-incident. An annual deductible is a set amount that must be paid each year before insurance coverage kicks in. Monthly deductibles work similarly, except that individuals must pay a set monthly amount each month. For example, if the monthly deductible is $150, individuals must pay $150 each month before their insurance coverage begins. Lastly, a per-incident deductible must be paid when an individual uses a specific healthcare service. For instance, if an individual goes to the emergency room, they may have to pay a certain amount before their insurance coverage begins. It’s important to note that deductibles vary from plan to plan. When shopping for health insurance in Washington, individuals should check out the deductibles that are offered in order to find the best policy for their needs. Additionally, some plans require individuals to pay both a deductible and coinsurance when they use services covered by their insurance. Ultimately, deductibles help to keep insurance costs low, so understanding the different types of deductibles can be beneficial in choosing a health plan.

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What are the different types of health insurance deductibles?

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