What is a deductible?
A health insurance deductible is a set dollar amount. Any expenses occurred before this deductible is met will need to come out of your pocket. Once you have met your deductible, the costs will then be covered by your health insurance provider. For example, if your deductible is $250, and your first doctor’s visit is $245, you will be responsible for this amount. However, your next visit will be covered by your insurance company.
The deductible is your portion of a covered loss. The insurance company will pay any covered loss only when it exceeds the amount of your deductible up to any applicable limits on your policy. For example, if your covered loss is $1,000 and your deductible is $500, Manitowoc Mutual Insurance will pay you $500.
