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.



 
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