Each new year, your health insurance deductibles reset. While every insurance policy is different, most commercial policies renew on January 1st. This means that you will again have to meet a certain amount of out-of-pocket (deductible) payments before your insurance will begin to pay for your health care. Here’s a detailed look at what happens when deductibles reset in January.
For more information and help about deductibles, insurance terms, and general booking questions, please contact us at [email protected].
- What is a deductible?
A deductible is the amount that you must first pay out of your own pocket for health care before insurance coverage kicks in. Deductibles vary widely based on the insurer and the specific health plan you have.
If your deductible is $2,000, you will have to cover certain medical expenses $2,000 of your health care expenses on your own. Your insurance will begin covering your expenses after you meet the deductible. The CDC estimates that 43% of Americans have a high-deductible health plan.
Certain preventive services are usually exempt from deductibles which mean they are covered whether you have met or not.
- How does this impact me?
You may pay higher than average out-of-pocket costs for your regular healthcare expenses until you meet your deductible. For most people, this impacts the first few months of the year. If you need to schedule services such as an MRI or CT, you will likely have to cover the cost up until you meet your deductible which could equate to hundreds or thousands of costs. Early in the year, it helps to look for alternative payment options for large medical expenses if you know.
- Do I need a deductible for preventive care?
Preventative care is typically covered by most insurance plans. That means you won’t need to meet your deductible before certain services and tests will be covered. Some services, tests, and screenings that fall under the category of preventative care include:
- Annual physical/check-up
- Cancer screenings (mammograms and colonoscopies)
- Vaccines (flu shots, pneumonia shots)
- Blood tests (high blood pressure, diabetes, cholesterol)
- Counseling (weight loss, quitting smoking, depression, substance abuse)
Whether it is applied to visits to your doctor’s office, remote chronic care management, or prescription coverage, the deductible must be paid before the insurance begins to cover your healthcare costs.
- How do I know if I have a deductible/what my deductible is?
For specific cost information (like whether you’ve met your deductible, how much you’ll pay for an item or service you receive, or the status of a claim), call your insurance company. The contact number is usually listed on the back of your insurance card.
- How do I determine how much a scan will cost?
If you want to know what your scan will cost before booking, there are ways to find out. Medmo offers up to 80% off prices when you use cash-pay. For self-pay rates, our pricing chart gives you a close estimate of what you will pay using Medmo. For a more detailed assessment, use Medmo’s booking tools to input your scan type, availability & distance, and payment method to get an estimated price per scan. The most accurate way to get an estimate for the cost is to contact your insurance provider or your imaging center.
To book a scan, visit us at Medmo.com. Medmo helps people schedule radiology imaging tests – such as MRI, CT scans, PET, and more – at nearby accredited centers and identify the payment solution that works best for them. Contact us at [email protected] if you’d like help thinking through some of these decisions.