What is a deductible?
Deductibles are provisions that require the member to accumulate a specific amount of medical bills before benefits are provided. For example, if a member’s policy contains a $500 deductible, the member must accumulate and pay $500 out-of-pocket before the insurance carrier will pay benefits. Once the patient has met their deductible, the carrier usually pays a percentage of the bill. The patient is liable for the unpaid percentage. Deductibles are yearly, usually starting in January.
It’s the amount you pay before your policy kicks in. In the event of a covered loss, for instance, if your homeowners policy has a $250 deductible, you must pay the first $250 to repair or replace the damage. If repairs only cost $200, you pay for everything. But if covered repairs cost $1,000, you pay $250 and your insurance company pays the rest.
A deductible is the amount that you agree to pay as your part of the loss. The insurance company pays for the amount over the deductible if it is a covered loss. For example, if the covered claim is $2,000 and your deductible is $500, you pay $500 and your insurance company pays the $1,500 balance.
The deductible is the fixed amount that you pay after your co-insurance. with Petsecure, you only have to pay one deductible per year, no matter how many pet insurance claims you make in that year, and then only if you need to make a claim. Petsecure coverage allows you to choose your deductible, and this lets you customize your pet insurance plan, as well as the cost of your premiums. If you choose a higher deductible your monthly pet insurance premiums will be less, while choosing a lower deductible will increase your monthly premiums. The choice is up to you based on your budget and preference.
