This may be a stupid question but I'm just REALLY confused. I'm buying individual health insurance. Can anyone just explain in lamen terms what a deductible is? Thank you.
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The deductible is the amount of your health bills you have to pay out before insurance will start to cover the bills. The higher the deductible, the less expensive the insurance. The other things you have to pay are the co-pay, which is the amount left over when the insurance actually pays for something. Generally it is a percentage of the bill. This applies to providers who are "in network", which really means that the provider has an agreed amount they will charge for services to the insured people. If you are permitted to use a provider who is NOT in the "network", the insurance will pay a percentage of the "usual and customary" rate for that particular treatment. You have to pay the rest. Last but not least, this is a ridiculous situation. We need to join the rest of the world and have universal health care.
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