A deductible is the amount of money you have to pay out-of-pocket for covered healthcare services until your insurance company starts to pay. After you meet the deductible, then your carrier starts paying for a portion of your in-network care. You pay for your portion of your care in two ways: either with copays or coinsurance, depending on the type of service.
For medical plans, you pay nothing for in-network preventive care, regardless of your deductible.
Example: Arya has insomnia, so she decides to go to the doctor to get it checked out. She has a $500 deductible, which means that she must pay for all of her healthcare expenses until she spends $500. After paying $450 on the doctor's visit and $50 on a prescription, her $500 deductible is met, and her benefits start to kick in.
To find out what your deductible is, log onto your Gusto account and follow these steps:
Note: This article is relevant to companies that have benefits managed by Gusto. For companies who have benefits managed externally, contact your broker of record for your plan details.