Health Insurance deductibles are accrued annually. If you switch your individual or family plan during the year most likely your deductibles will reset to zero. This makes January 1st. the Ideal start date for a new plan, and the time to review your plan and consider making changes is Now.
Purpose of Health Insurance Deductibles:
Health insurance deductibles are a way to help offset the cost of health care. Health insurance deductibles require the insured (the person who is covered under a health insurance policy) to pay a certain amount toward his health coverage before the insurance company has to begin paying under the health insurance policy. The insurance company considers the amount of the health insurance deductible when determining how much the premiums for the health insurance coverage will be. The higher the deductible is, the lower the premiums are likely to be.
How Health Insurance Deductibles are Used:
If a health insurance policy includes deductibles, then the insured must pay a certain amount of money toward his health care before the insurance company has to pay anything under the health insurance policy. For example, if an insured has a $1,000 deductible toward his hospital surgical coverage, then he is responsible for paying the hospital for the first $1,000 of health costs incurred. After he pays the first $1,000, then the insurance company will begin paying toward health care costs after the initial $1,000 as laid out under the terms of the policy.
You can find a free insurance exchange to compare multiple policies here: