You’ll continue to pay premiums until you no longer have the insurance plan. This is the only payment you’ll have if you never use your health insurance. You may still be responsible for a copayment or coinsurance even after the deductible is met, but the insurance company is paying at least some amount of the charge.Ī health insurance premium is the amount you pay each month to your insurance provider.

After the new policy period starts, you’ll be responsible for paying your deductible until it’s fulfilled. Your deductible automatically resets to $0 at the beginning of your policy period. Your insurance company will then start paying for your insurance-covered medical expenses. Now that you’ve paid $1000, you have “met” your deductible. You don’t pay your deductible to your insurance company. If you incur a $700 charge at the emergency room and a $300 charge at the dermatologist, you’ll pay $700 directly to the hospital and $300 directly to the dermatologist. You’ll pay your deductible payment directly to the medical professional, clinic, or hospital.

It may take you several months or just one visit to reach that deductible amount. A health insurance deductible is a specified amount or capped limit you must pay first before your insurance will begin paying your medical costs.įor example, if you have a $1000 deductible, you must first pay $1000 out of pocket before your insurance will cover any of the expenses from a medical visit.

Deductible vs copay