There are many factors to consider when choosing the Health Insurance Marketplace plan for you and your family such as your annual deductible, the premium, and services that are offered. Of these considerations, your annual deductible is one of the most critical factors to understand.


What is a Deductible?

A deductible is the amount you owe for your health coverage services before your health insurance plan starts to pay. Below are the 5 things you should know about your annual deductible. 

  1. Preventative services like cancer screening, immunizations, and well-child visits will always be covered without any costs to you.
  2. Without a deductible, services such as specialist visits, mental health outpatient services, and brand name drugs are often covered, however you’ll still be responsible for copayment or coinsurance.
  3. When you purchase a health coverage plan in the Marketplace, be sure that you’re familiar with what it covers. You can see a detailed explanation under a plan’s "Summary of Benefits and Coverage".
  4. Consider your plan’s total out-of-pocket costs, including deductibles and copayments, to help make the correct decision on your health insurance services for you and your family. Review the Marketplace plans for 2016 and be sure you understand all of the details before choosing.
  5. Check to see if you qualify for cost sharing reductions. Most individuals that purchase through the Marketplace usually save more if they choose the Silver plan. If you qualify, your yearly out-of-pocket costs and your deductible could be lowered. Check to see if you qualify for these savings.


To find a Liberty Tax® ACA Advisor at your local Liberty Tax® office, call 800-673-8600 or visit