How Do Health Insurance Deductibles Work?

Video Transcript

"Hello, my name is Vic Schumacher. The company is HPE Financial Services. It's my understanding you have a question, about how deductibles work with health insurance policies. In a very short, simple explanation, deductibles are something that the individual pays, and that once paid, sets all of the other benefits in motion, for that policy. Deductibles can be anything you want them to be, as far as cost is concerned. They can be low, five hundred dollars. They can be up to ten thousand dollars, but it's your responsibility to pay it, and you have to negotiate how that will be paid, with that particular hospital, or that particular carrier. Without paying it, there are no benefits that are attached, and it launches the package. Usually, the lower the deductible, the higher your cost of your premium. The higher the deductible, the lower the cost of the premium, and a lot of this depends upon the age of the individual, as well. My best suggestion, to someone who wants to understand how deductibles work, is talk to an adviser. Give them an idea of what you can afford, and have them direct you to the right couple of companies. The company here, is HPE Financial Services. Vic Schumacher is the name, helping people every day."