What is a deductible?
A deductible is a specific dollar amount that your health insurance company may require that you pay out-of-pocket each year before your health insurance plan begins to make payments for claims. Not all health insurance plans require a deductible. As a general rule (though there are many exceptions), HMO plans typically do not require a deductible, while most Indemnity and PPO plans do.
A deductible is a clause in an insurance policy stating that the insurer will pay that portion of a loss or damage remaining after a stipulated amount, to be paid by the insured party. When you purchase insurance from us, in case of a claim, you are responsible for any loss up to the chosen deductible amount. The insurance company will compensate you, based on the Terms and Conditions, for any amount above your deductible.
The deductible is the fixed amount that is deducted from your claim. You pay a deductible for each accident claim. For illnesses, you only pay an annual deductible if you make an illness claim – once it’s covered, you don’t have to pay a deductible again for any additional illness claims made in the same year. The amount of the illness deductible depends on the age of your pet. The older the pet, the more likely it is they’ll need veterinary services. By paying a higher deductible – and only when you need to make a claim – you’re helping to keep your pet insurance premiums down.
