What is a deductible?
A deductible is the amount which the patient must pay toward the cost of medical treatment before the insurance company begins to pay benefits. Different health insurance policies may have different deductibles. back to top I still have questions. Please feel free to contact our billing office with any additional questions you may have.
A deductible is a portion of a claim that you, as the insured are responsible for paying. Our 50 Unique standard deductible for a home insurance policy is $500, however we give you the option to increase it or decrease it, depending on your needs. For example, if your claim total amount is $7,000, we will pay $6,500 and you will be responsible for the first $500, representing your deductible amount.
A deductible is the fixed dollar amount you must pay of your own funds each calendar year before your health insurance begins to make payments for covered medical services. All deductibles reset once a year on January 1. Typically, the higher the deductible, the lower the premiums and vice versa. Deductible amounts usually differ out of network (proving to be higher). When selecting a plan, you should know what plan benefits are subject to the deductible, and what portion of the cost (set as percentages) is covered by the plan once it has been met. This is typically referred to as coinsurance. If the cost is covered 100% after the deductible, then coinsurance is not applicable. See “What is co-insurance?
A deductible is the amount of money that you agree to pay before a certain auto insurance policy begins. Deductibles are designed to reduce insurance costs by eliminating small or frivolous claims. The higher the deductible you’re willing to pay, the lower the premium you earn. Collision and comprehensive policies usually carry deductibles and at times PIP and medical payments policies do too.This information is meant for suggestive purposes only and is not meant to be taken as fact or law.
