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insurance deductible

How Do Deductibles Work?

Most health insurance plans have a deductible. Understanding what exactly is a deductible, how it works, and paying it is part of using your health insurance wisely. A deductible is a fixed amount you have to pay each year towards the cost of your health care bills before your health insurance coverage kicks in fully and begins to pay. Your deductible can be anywhere from a few hundred dollars to several thousand dollars.

Once you’ve paid the deductible for the year in most health plans, you’re done with deductible payments until next year. Each year, the health plan sets a new deductible. Sometimes it’s the same amount as the year before; sometimes, it goes up.

Call us today to speak with a licensed broker to discuss your summary of benefits or get a free quote for a new health insurance plan.

Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.

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2024