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ON-SCREEN TEXT: [How do deductibles work?]
Knowing how deductibles work can help you choose a health plan that's right for you.
ON-SCREEN TEXT: [Deductible
the amount you pay before your plan begins to pay]
Let's start with the basics. A deductible is the amount you pay for out-of-pocket costs for your covered health care before your plan begins to pay. A deductible is different than a premium.
ON-SCREEN TEXT: [Premium
the amount you pay to have health insurance]
A premium is the amount you pay, usually every month, to have health insurance.
ON-SCREEN TEXT: [High deductible
Low deductible]
Now, deductibles may be low or high, depending on the plan you choose.
ON-SCREEN TEXT: [High deductible
Low premium]
With a high-deductible plan, you may pay less each month for your premium and more for your out-of-pocket costs until you pay 100% of your deductible.
ON-SCREEN TEXT: [Low deductible
High premium]
With the low deductible plan, you may pay more each month for your premium and less of your out-of-pocket costs until you pay 100% of your lower deductible.
ON-SCREEN TEXT: [High deductible You pay 100%
Low deductible You pay 100%]
Whether you have a high or low deductible, you will start each plan year by paying 100% of your covered health care services until you meet your deductible.
ON-SCREEN TEXT: [Deductible]
You could pay 100% of your deductible in several smaller visits or one big visit.
ON-SCREEN TEXT: [Which deductible is right for you?]
So, which deductible is right for you?
ON-SCREEN TEXT: [Generally healthy
Low health care costs
High deductible plan]
If you're generally healthy and don't think you'll have many health care costs in the next year, then a high deductible plan may be right for you.
ON-SCREEN TEXT: [High deductible
Low premium]
That means you would pay a lower premium each month and pay for the care you need through your deductible. To help you save up so you're prepared to pay your deductible, some high deductible plans can be paired with a health savings account, or HSA.
ON-SCREEN TEXT: [Health savings account (HSA)]
With a HSA, you can set aside pre-tax dollars to help you pay for your deductible for qualified medical expenses.
ON-SCREEN TEXT: [High deductible]
Keep in mind that HSAs are only for people who have high deductible plans.
ON-SCREEN TEXT: [Need regular health care
Large family
Chronic conditions
Low deductible plan]
On the other hand, if you typically need regular health care, have a large family or chronic condition, you may prefer a low deductible plan.
ON-SCREEN TEXT: [Low deductible
High premium]
You'll pay more for your premium each month, but less for your health care expenses with your lower deductible. Paying more each month can help you save on out-of-pocket costs and may help you better manage your budget. Now that you know more about deductibles, you can make the most of your benefits with the type of plan that best fits your needs.
ON-SCREEN TEXT: [So you can experience what care can do for you]
So you can experience what care can do for you.
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