What Happens if You Do not Pay Your Health Insurance Deductibles?

Having insurance can be a great help when it comes to paying medical bills. It is an assistance that everyone should have, and the benefits they offer depend on the type of plan. However, if you want it to work, you must not forget to pay your health insurance deductibles.

For your insurance to help you out, you must first accomplish a certain amount of paid medical charges. Once you reach that limit, they can start covering every treatment or procedure you need.

In this article, we will tell you about how health insurance deductibles work, some tips that can ease the payment, and the consequences of not paying them.

What are health insurance deductibles?

This is an amount of money that you have to pay to your health care provider (hospital, doctor, or any type of medical center) before your health insurance can start to cover your medical costs.

In other words, if you reach a certain limit before a period of time, then your insurance will lend a hand. Your deductibles vary depending on the insurance plan you possess.

For example, let’s say the annual deductible for your insurance plan is $1,500. Then you go to a doctor’s appointment and the bill is $150. In this case, you pay the entire bill ($150) to your health care provider, and your insurance pays nothing. But now your deductible decreases to $1,350.

So, until your health insurance deductibles are reduced to 0, they will not help you. If your next appointment costs $2,000, you can pay $1350, and now that you meet the limit of your deductibles, your insurance pays the rest.

Things to keep in mind with deductibles

  • Copayment. It is a certain amount you have to pay every time you see your health care provider. This varies depending on the insurance plan you possess. This is not covered by your insurance.
  • Coinsurance. This appears once you met your health insurance deductibles. This is the percentage that your insurance and you pay. For example, your insurance will cover 80% of your medical expenses, while you will pay the remainder which is 20%.
  • Out-of-pocket maximum. When you pay your deductibles, there is another limit you can surpass; once you reach it, your insurance will pay 100% of your medical expenses (copayment and coinsurance included).
  • Policy period. Normally, your policy states that after a full year, your health insurance deductibles reset, and you have to start all over again.

➡LEARN MORE: What to do When Health Insurance Denies a Payment

Consequences of not paying health insurance deductibles

Losing the advantages of your health insurance

If you cannot afford to pay until your limit is reached, then your insurance will never put a penny. Meaning that all your medical expenses will come out of your pocket.

You will have to sell your stuff

If you want to reach your deductibles faster, you can start selling your stuff to pay for the medical bills.

Trust between health care providers and you

One way to pay your deductibles is establishing a payment plan for any treatment you need. You can explain the situation to your doctor and keep paying till you meet the limit. But if you cannot keep up with the plan, you will lose the trust of your doctor, which can lead to not having this option in the future.

Renewal of policy

If you wait until the end of your policy period to reach the deductible amount, you will only have a short time for insurance to help you. Once the year is over, you will have to start again and there is a chance that your health insurance deductibles will raise the amount.

Opportunity once every year

It can be hard to accomplish the limit for deductibles, but with the help of different payment methods, you will get to see the difference. Your insurance is going to help you with important medical procedures you need to afford, and if you reach your out-of-pocket maximum, you will not have to worry about paying until the period is over.

So talk with your health care providers, establish a payment plan, or even look for any cheaper health care options. All these things can help you to pay your health insurance deductibles, no matter how long it takes you.