A Deductible is a specified amount of money that you must pay before an insurance company will pay a claim. The deductible will reset every calendar year. Since we have entered the new year, your deductible will start over in January.
If you have a plan with a deductible such as Medicare Supplement Plan G or N, Part D plan, or dental plan, or other health insurance, it’s important to know how much your deductible amount and prepare to pay the full costs first before the insurance company starts paying your costs. Deductible usually resets every calendar year.
For Medicare deductible and costs, please refer to “2021 Medicare Costs” blog post to find the part B and D deductibles. Plan G Medicare Supplement will not pay for your Part B deductible. Likewise, most Part D plans have a deductible that may apply to all tiers or to Tier 3-5 medications. If that’s your plan, then you’ll pay the full cost of Tier 3-5 drug each time you refill it until you have satisfied the deductible.
How to know how much your deductible is? Call your insurance agent or the member service number. They would be happy to let you know.