How does health insurance work?

how does self insurance work here's an example of how health insurance cost sharing works let's assume you have a health plan with a one thousand dollar deductible 20 percent coinsurance and a six thousand dollar out-of-pocket maximum if you incur a fifty thousand dollar medical bill you will first need to pay you $1,000 deductible that would leave you with $5,000 in cost-sharing left before you reach your plans $6,000

out-of-pocket maximum with 20 percent coinsurance you would pay $1,000 for every four thousand dollars paid by your insurance company what that means is that for the next twenty five thousand dollars in covered medical expenses you would pay five thousand dollars and your insurance company would pay twenty thousand dollars out-of-pocket maximum once you've paid your one thousand dollar deductible and $5,000 in coinsurance you've reached your plans

$6,000 out-of-pocket maximum altogether with this 50 thousand dollar medical bill you will have paid six thousand dollars and your insurer will have paid the remaining forty four thousand dollars in covered medical expenses you