OUT-of-POCKET MAXIMUM and DEDUCTIBLE (SAVE YOU MONEY) - YouTube

Every time you go to the doctor you're  gonna get one of these: an explanation  

of benefits. It tells me what the insurance  company is paying for and what they're not;  

what doesn't my premium cover everything not  always. Signing up for health benefits can be  

overwhelming but it doesn't have to be. Knowing  two key components -- out-of-pocket maximum and  

deductibles -- can make a huge difference when  it comes to the cost of your health insurance.  

I'm glad you're here. This is where I share easy  money moves every Wednesday. Be sure to subscribe  

and hit the bell to be notified when a new video's  posted for you. There are three key components to  

any health insurance plan: premium, deductibles,  and out-of-pocket maximum. Today we're going to  

cover deductibles and out-of-pocket maximum,  and by the end of this video you're gonna  

have the tools you need to choose a plan that's  either a high or low out-of-pocket maximum and  

deductible. For over twelve years I've been  working with our clients and their families  

to influence their prosperity. I'm a certified  financial planner professional and the founder  

of Clear Sky Wealth. Let's get started with  those out-of-pocket maximums. Out-of-pocket  

maximums are the most you have to spend before  the insurance company kicks in and starts paying  

a hundred percent of the costs. Let's say your  out-of-pocket maximum is $6,800. Once you reach  

that $6,800 in medical bills for the year, your  insurance company is responsible for the health  

costs for the remainder of that year. Okay that's  pretty straightforward. Now let's add a layer to  

it. Let's add deductible to the equation  of health insurance... Before we dive in,  

I'd love to know from you, do you sign up for the  same health benefits every year or do you sign up  

based on your needs? Comment below. Now let's dive  into those sweet deductibles -- this is the amount  

that you must pay before the insurance company  pays anything at all. In our previous example  

with out-of-pocket maximums once you hits that  number the insurance company's gonna pay a 100%,  

but first you got to pay your deductible -- t  says right here on my explanation of benefits  

deductible you pay before we begin payments.  Wait a second let's take a look at this... we  

pay a monthly premium to have the insurance  THEN pay a deductible before the insurance  

company pays anything?? That's right. By having  health insurance you are a part of a network that  

saves you some money on a deductible. After you  pay the deductible your costs are usually lower  

for covered services through co-payments and  coinsurance, until you reach your out-of-pocket  

maximum. If you aren't sure what co-payment  and coinsurance are we have a link in the video  

description below. Here's the main takeaway: if  you have low utilization of your health benefits  

you want to seek a plan with high deductible; if  you have high utilization of your health plan you  

want to find a plan with a low deductible. This  topic of health insurance is important because  

insurance is one of our biggest expenses. Don't  overpay so that you can have more choice. When  

it comes to your money we have ways for you to  maximize your health benefits and save money. You  

can find the links to these in the description  of this video below. If you like this video,  

and it's helpful to you, give it a thumbs  up, and be sure to subscribe to my channel  

where you can stay in the know on how to get  money working for you. And be sure to comment  

or leave any questions you have about out of  pocket maximums and deductibles and I'll be  

sure to get them answered in upcoming videos,  or right there in the queue. Add the questions  

and answers below. To get more answers to health  benefits visit our website at clearskywealth.com.  

We have a link in the description below. We  hope this video and this information brings  

you prosperity and your health care planning.  I look forward to seeing you soon you!