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What does an insurance deductible mean?
I am shopping for medical insurance, and I am uneducated in the insurance field, could someone ecplain to me what an insurance deductible means?
A deductible is the amount of money you pay out of your own funds BEFORE the insurance starts to pay.
If you have a $1000 deductible, you must pay this amount before the insurance will cover any amounts. If you are not a person who goes to a doctor, you may never hit your deductible in a year (usually January to December). If you have a high deductible, your insurance tends to be one that covers major illness or a major accident.
Hope that helps
The deductible is the amount that you are responsible for. So if the plan you are looking at has a $1000 deductible, then when you have a claim, you will be responsible for paying the $1000 before the insurance company pays anything.
Lets say you get hurt. You go to the doctor and your repair bill for your broken arm is 500.00. You have a 100.00 deductible with your insurance. That means you have to pay 100.00 before the insurance will pay anything. So, on this 500.00 bill, you owe 400.00.
if you get into an accident or have a claim....say theres $2,000 worth of damage and you have a $500 deductible. You would have to pay the $500 out of pocket and the insurance would pay the rest.
An insurance deductible is pretty simple. It just means that you pay a certain dollar amount ($) a month until you reach a certain amount. Once you reach that amount then you're insurance kicks in and helps pay for any medical expenses. :)
Hope that helps. :)
in medical insurance it is a deductible u will have to meet before the insurance covers anything or will tell u what kind of co pays u have for medication and dr visits and ER visits
it is the amount of money you must pay up front In other words if your bill is 2,000 dollars and your deductible is 500 you will get 1,500 dollars from your insurance company. usually this is a one time for the year.
It's the amount out of your pocket, before the insurance kicks in.
Before a claim is paid they "DEDUCT" your deductible before the company pays. It is your responsibility.