How does health insurance work?

What is a Deductible?  Typically, a deductible is the amount of money you must pay each year before your health insurance plan starts to pay for covered medical expenses.

So with a $100,000 heart surgery bill, you are responsible for paying the first $1,000. After this $1,000 deductible is met, the insurance company will pay a percentage of the bill in what is called the coinsurance.

May not apply to policies with an effective date of 9/23/10 or later.