I have been working for a new company for a year now, and have been on their insurance through Aetna the entire time. It’s the first time I’ve had health insurance through work.. So I’m paying monthly out of my check for the health insurance, but then im still going to owe my health provider out of pocket at the end of the year if i don’t pile up enough medical bills?
In: Economics
What is deducted from your paycheck is all you pay if you don’t need medical services. Depending on your plan and the services you need, you will have a co-pays that you will receive a bill for that is additional you owe. Once you’ve paid your maximum for that year any additional services you need don’t come out of your pocket.
Some people have more deducted from their paycheck so they don’t have to pay as much out of pocket. If they have chronic issues or a family member that needs extra care, then this may be the better option. I have a Health Savings Account (HSA) and have less deducted because I don’t have much healthcare needs. I pay a co-pay for checkups, urgent care visits, and medications, but it’s less than paying for the more expensive plan. The money that goes into my HSA is non-taxable and cam be used to pay the co-pays. My employer contributes a large amount to the account annually so I don’t need to spend my own money. I’ll hit the end of my co-pay limit before that account is empty and that account stays with me if I change companies.
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