Insurance Tips & Facts : How Do Deductibles Work on Health Insurance?

A health insurance deductible is the amount of money that must be paid by the insured out of pocket before the insurance company will start paying for medical visits. Check the details of a health insurance plan to find out the dollar amount for a deductible with advice from a financial adviser and insurance broker in this free video on health insurance.

Expert: John Pinelli
Bio: John Pinelli is a financial representative.
Filmmaker: Bing Hugh

Series Description: Find low-cost family health insurance by shopping for HMO plans, seeing if the family qualifies for Medicaid and checking out government programs that may provide health care coverage for children. Get low-cost health insurance that has a high deductible and more with insight from a financial adviser and insurance broker in this free video series on health insurance.

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Source: YouTube

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1 Response

  1. This video should be removed and updated immediately. For starters, you’re
    going to scare the sh*t out of people by telling them that “most insurance
    plans” have a deductible of “$1,000-$5,000”. That’s not only blatantly
    untrue, but an incredibly daunting figure for most people to contemplate.

    Also, what are you doing telling people that the deductible is an amount
    that they “must” pay before the insurance pays out! For starters, it is
    impossible to pay a deductible up front, and that’s exactly what that
    statement implies. Second, that statement also implies that the insurance
    company tracks how much money the member has actually paid, when no insurer
    ever gets any kind of reports on the matter. Third, it implies that the
    deductible comes off of what the provider charges in the order in which the
    patient receives treatment, which couldn’t be more incorrect.

    Deductibles are statistical calculations that are applied in the order that
    claims are processed, which may or may not be in the order that the
    patients were actually treated. There are often services on the patient’s
    insurance plan that are exempt from the deductible, or the deductible may
    only apply if the patient goes out-of-network.

    The insurance plan receives a claim, determines their allowed rate for the
    services rendered based upon their fee schedule and the provider’s
    participation, and then deducts the deductible from the allowed amount.
    Any remaining allowed amount is paid out to the appropriate party once the
    insurance has deducted the entire deductible over the course of the year.
    NO INSURANCE PLAN EVER BOTHERS TO VERIFY WHETHER OR NOT THE PATIENT HAS
    PAID THESE AMOUNTS TO THEIR PROVIDERS BEFORE THE PLAN STARTS CUTTING
    CHECKS. THAT INCLUDES **MEDICARE**.

    Your video is a disgrace and your speaker is wooden, unengaging and
    distant. I work in the insurance industry, and have to explain deductibles
    to people every day. You can’t do it like this, especially when your
    presentation is this irresponsibly put together.

    Try again.