What is a deductible?
A deductible is a specific flat-dollar amount an individual must pay out of their own pocket toward covered expenses before a plan begins to pay toward expenses. Deductibles carry through a twelve-month period – October 1 through September 30. Plan deductibles are listed on the summary of benefits or in your employee benefit booklet. To obtain the Summary of Benefits go to http://www.oregon.gov/DAS/OEBB/summaryofbenefits.shtml. Some plans have a family maximum annual deductible. Basically, this means that once a certain number of your family members meet the annual deductible, services for all family members will be paid at the plan benefit level. For example, if a plan has a $100 individual deductible, and a family deductible of $300 (shown as $100/$300 in the summary of benefits), once an individual has paid $100 for covered services, benefits would kick in at the benefit level for the type of service received for the remainder of the twelve-month benefit year. If two more family mem
All property insurance policies have a Deductible. This means that you must pay an amount equal to the amount of the Deductible. The policy deductible runs from $500 to $5,000. However, in Florida and other Hurricane prone states, it is not unusual to see a Hurricane Deductible in the amount of 2% of your dwelling coverage limit. These deductibles reduce the cost of insurance and are indicated on the Declarations Page when they apply.
A. A deductible is a dollar amount that you must meet by paying for medical services before the insurance company will begin to pay for your health care expenses. Our plans cover your expenses for an office visit, after co-pay, without requiring you to first meet your deductible. For the Base Plan there is a $1000 Individual Deductible and a $2000 family deductible. On the High Plan there is a $250 In-Network Individual Deductible and a $500 In-Network Family Deductible. On the High Plan, if you use out of network providers the Individual and Family Deductibles are $500 and $1000 respectively. The districts plan has a Calendar year deductible (Jan through Dec). On January 1 of each year you will have a new deductible to satisfy before coinsurance will begin.
The deductible is the amount you agree to pay out of your pocket for losses before your insurance policy begins to pay. The higher the deductible the lower the premium on your policy will be. A policy with a $100 deductible will cost more than one with a $250 deductible. Only you can decide how high a deductible to take, because only you can judge what you can afford to pay for an unexpected loss. When you shop for coverage, be sure to ask the agents who give you premium quotes how a larger deductible would affect the cost of the policy you’re considering.
