The up-front amount of a loss for which the insured is responsible before benefits are paid; also known as a self-insured retention. The insurer's liability begins when or if the deductible is exhausted.
Type of cost-sharing arrangement where an insured is required to pay a specified dollar amount for covered expenses before the health insurance company begins to pay. Generally, deductibles are set as dollar amounts per calendar year.
In many health insurance policies, an amount of expense or loss to be paid by the insured before an insurance policy starts paying benefits. The insurance company pays benefits only for losses in excess of the stated amount.
The out-of-pocket expenses that must be borne by an insurance policy holder before the insurer will start paying for medical losses. For example, a policy with a $500 deductible requires the patient to pay the first $500 of a medical bill, while the insurer will pay for any costs above this threshold.
The amount which you agree to pay, per claim or per accident on comprehensive or collision coverage. This is subtracted from the total amount paid by your insurer. If the claim is $1500 and your deductible is $500, you pay $500 and the insurance company will pay the remaining $1000. The higher the deductible, the lower your premium will be.
A provision in health and property & casualty policies where the insured pays for the first portion of the loss up to a specified dollar amount or for a time period. In a time-period deductible (elimination period or waiting period) there is a specified time prior to the benefit starting. This is common in disability income policies. In dollar-amount deductible, the insured pays for the loss up to the deductible amount. For example, under a $500 deductible on an auto policy, the insured will pay any losses up to $500. If the loss were over $500, the amount over the deductible will be paid by the insurance company up to any limits in the policy.
The initial health care expenses each year, which you must pay before any benefit, will be paid by the medical plans. For example, the first $500 worth of expenses in Tier II of the 3-Choice Health Plan.
The amount an individual must pay for health services each year before the individual's insurance company starts to pay. For example, a $500 deductible means that an individual must pay for the first $500 worth of health care expenses before the insurance company begins to pay for services.
There are two types of deductibles: A voluntary deductible allows the insured to pay an amount of the "first dollars" of a claim payment and to pay a lower premium for assuming this risk. An involuntary deductible is imposed by the insurance company because of the adverse risk characteristics of an insured. Involuntary deductibles do not include a premium reduction. Deductibles may take one of two forms: A straight deductible provides that all loss payments are reduced by the amount of the underlying deductible with no other considerations. A franchise or quota share deductible provides that the insured and the insurance company share costs within the deductible amount. Deductibles may apply to indemnity only or to both indemnity and allocated loss adjustment expense (ALAE). In the latter situation, the insured pays, up to the total amount of the deductible, for claims in which allocatable expenses (such as legal fees) have been incurred, even if no indemnity is ever paid. If the deductible applies to indemnity only, the insured pays only if indemnity is paid. A limit on the total number of claims or total amount paid in a given year may be specified.
Patients are often required to pay a certain amount of money each year for medical services before the insurance policy will pay for any treatments. This amount is called the deductible. For example, a patient may have to pay the first $500 of costs.
Required out-of-pocket expenditure by the covered individual before the insurer pays towards the allowable charges for a covered service. Deductibles may be specified in dollar amounts or units of service.
The amount you are to pay in the event of a claim before the insurance company pays the balance. In most cases, a higher deductible/excess will give you lower premiums. In The UK this is known as Excess – See Below
( Related information) The amount an individual must pay for health care expenses before insurance (or a self-insured company) begins to pay its contract share. Often insurance plans are based on yearly deductible amounts.
the amount of Covered Services as indicated in the Schedule of Benefits that the Member must pay each benefit period before benefits are paid by the plan. Plans may have both per individual and family deductibles. * Some plans may have separate deductibles for specific services. For example, a plan may have a hospitalization deductible per admission. * Deductibles may differ if services are received from an approved provider or if received from providers not on the approved list.
A fixed amount of health care dollars of which a person must pay 100% before his or her health benefits begin. Most indemnity plans feature a $200 to $2500 deductible, and then pay up to 100% of money spent for covered services above this level. Back to the top of the page
The amount, usually on a per calendar year basis, that you pay for medical services in a year before the insurance company or health plan pays any claims on services subject to the deductible. After the deductible has been satisfied, the insurance company shares expenses with you until the out-of-pocket limit is reached for that year.
The sum of money you must pay for medical services, medications or supplies before your health plan begins to cover the cost during an annual period. It might be referred to as "meeting your deductible."
The amount of money you must pay before your health plan will pay its share. For example, if you have a health plan with a $250 deductible, you must reach that amount before your health plan begins paying.
Sometimes called an 'Excess', it refers to the amount of your claim that you yourself must pay before your insurance cover will operate. Sometimes this deductible is imposed by insurers because of the nature of the risk and in other cases it is voluntary and a premium reduction can be allowed.
Deductible is an annual amount that you need to pay out of pocket to receive specific services under the plan that you have chosen. Once applicable deductibles have been paid, your plan will cover services you receive either on a partial or full basis.
In the context of an insurance policy with a deductible clause, the amount that first must be subtracted from the total loss incurred before determining the insurers's liability. The deductible may be in the form of an amount of dollars, a percentage of the loss, a percentage of the value of the insured property or a period of time (as in health insurance).
The amount of an insured loss paid by the policy-holder. For example, if you select a deductible of $500 for loss due to fire, you agree to pay the first $500 worth of damages to your business if there is a fire on the premises.
The portion of a subscriber's (or member's) health care expenses that must be paid by the subscriber before any insurance coverage applies, commonly $100 to $300. Common in insurance plans and PPOS, uncommon in HMOs. May apply only to the out-of-network portion of a point-of-service plan.
The amount of cash payment that is made by the insured (the homeowner) to cover a portion of a damage or loss. Sometimes also called "out-of-pocket expenses.” For example, out of a total damage claim of $1,000, the homeowner might pay a $250 deductible toward the loss, while the insurance company pays $750 toward the loss. Typically, the higher the deductible, the lower the cost of the policy.
(Ohio Med) The amount you must pay out of your pocket each benefit period before your Ohio Med will begin paying. Some services do not require payment of a deductible before coverage begins. The drug copays do not go toward the medical deductible.
A deductible is the amount of a claim the insured must pay. For example, if you get in a fender bender and cause $500 damage to your car, and have a $300 deductible, then the insurance company must pay for the damage over $300 which would be $200. Typically, the higher the deductible, the lower the premium.
This is the amount of covered charges that the subscriber and/or the subscriber's eligible dependents must meet for the calendar year for in-network and out-of-network services before PacifiCare pays any benefits. Please refer to the Schedule of Benefits for more information.
The amount of money the policyholder pays for medical bills before insurance starts to pay its part. This is a yearly amount and may be anywhere from several hundred dollars to several thousand per year, depending on the insurance policy.
the amount of spending on covered drugs by the individual that is required before the Part D Plan pays insurance benefits. For standard coverage, an enrollee pays a $250 deductible before the plan begins to pay for prescriptions. Payments for non-covered drugs do not count.
Amount deducted from a loss. The deductible is an amount assumed in advance by an insured as required by the insurance company or as a means of obtaining a lower premium for the coverage. Also, the amount of the loss that the insured must pay.
The amount of an insured loss paid by the policyholder. For example, if you select a deductible of $250 for your auto insurance policy, you agree to pay the first $250 worth of damages to your car if you are in an accident. In health insurance, it is the portion of eligible medical expenses that the insured must pay before the plan with make any benefit payments.
The dollar amount that a covered person is responsible to pay before benefits are payable under a health plan for covered services. Such amounts will not be reimbursed under a health plan. After any applicable deductible amount has been paid, benefits for covered services will be payable in accordance with the rates shown on the Schedule of Benefits.
Sometimes referred to as Retention, a Deductible is the dollar amount exceeded before a stop loss policy pays a claim. In Stop Loss and Reinsurance, a deductible accrues independently of any co insurance percentage.
This is your out-of-pocket expense that you agree to pay for losses under a certain amount or in other words the amount the insurer agrees to pay over a certain amount. If you can afford to carry a higher deductible on collision and comprehensive coverage, you can substantially lower your costs.
An amount that a covered person must pay before plan payments begin. For instance, the health plan may have a $500 deductible, in which case the enrollee pays the first $500 in medical bills before the plan pays anything.
This is the amount you agree to pay out of your own pocket before the insurance company reimburses you for damage expenses. If you had an accident with damages totaling $2,000, and carry a $500 deductible on your collision coverage, you would pay the first $500, and the insurance company would cover the difference, the remaining $1,500. Increasing the amount of your deductible saves you money on the cost of your insurance.
The amount of an insured loss for which the insured is financially responsible before an insurance policy provides coverage. The higher the deductible, the lower the cost for the insurance policy for which the deductible applies.
The dollar amount of covered medical expenses that must be incurred and paid by an insured before benefits become payable to the insured, under the Certificate of Insurance. The insured generally must satisfy a deductible each calendar year.
The amount you must pay each year before the plan will start paying for services you receive. Most HMOs do not have deductibles; most PPOs do. A typical deductible amount is $250 per year for an individual.
The amount that gets subtracted from the total damage incurred before the insurance company pays a claim. The deductible is often viewed as the amount which the insured is comfortable retaining. Remember: The higher your deductible, the lower your premium is. The lower your deductible, the higher your premium is.
The deductible is what you are responsible for paying as part of the overall insured loss. This means that you have to cover that amount of any repair bill and the insurance policy pays the rest. Any damage that costs less than the deductible is your responsibility.
In a policy providing a deductible clause, the amount which must first be subtracted from the total damage incurred before determining the insurance company's liability. Of several types used, the straight deductible establishes the insurer's liability above the deductible but not below it; the franchise deductible establishes the insurer's liability for the entire amount of damage once the deductible amount is exceeded in a loss; and the disappearing deductible establishes the insurer's' liability for the entire amount of damage once the deductible amount is exceeded in a loss; and the disappearing deductible establishes the insurer's liability for an increasing proportion of the loss, as the total damage rises above the deductible, until the deductible finally "disappears." Then the insurer is liable for the entire amount. The deductible may be in the form of an amount of dollars, a percent of the loss, a percent of the value of the insured property, or a period of time, as in health insurance.
Amount you pay out of pocket per claim or per accident. This amount is subtracted from the total amount paid by your insurer. If the claim is for $500 and your deductible is $100, your company will pay $400.
An amount of money which, in the event of a covered loss, the insured is required to pay prior to the insurer being liable for any damages. The purpose of a deductible is to eliminate the expense of processing small claims.
The amount of money you must pay each year to cover your medical care expenses before the plan begins paying co-insurance benefits. Co-pays benefits are usually payable before satisfying the plan deductible.
The deductible is the portion of the cost that is payable by the insured in the event of a claim. It is set out contractually in the contract terms and conditions and is expressed as a fixed amount ($200, $250 or $500, for example).
The deductible is the portion of damages that is payable by the insured in the event of a claim. The insured can choose the amount of deductible that best meets their needs, such as $200, $250, $300, $500 or $1000.
The deductible is the amount that the insured is responsible to pay under comprehensive and collision before the insurance company will pay. This is a pre-stated amount, for example, $500 deductible. This amount is selected by the insured, you.
The amount you pay before the insurance company pays anything. There are two types of deductibles: an annual deductible and a per occurrence deductible. Under an annual deductible, you pay all expenses up to the amount of the deductible. Once you have paid the deductible during the policy year, the insurance company will pay for covered medical expenses for the rest of the policy year in accordance with the terms of the policy. Under a per occurrence deductible, you must pay the deductible amount for each separate sickness or injury. If you have five claims in one year, you would have to pay the deductible five times.
A specified dollar amount the member pays in a calendar year before the plan pays benefits. For example, a member with a $500 deductible plan will pay for health expenses up to $500 before the plan pays any expenses. Some plans have two kinds of deductibles: medical and prescription. See medical deductible or prescription deductible below for an additional explanation.
The amount the policyholder is responsible for that will be deducted from any loss payment. For example, if a covered comprehensive claim is $1000 and the comprehensive deductible selected is $250, the policyholder would pay $250 and the insurance company will pay $750. If the covered comprehensive claim were $200 and the deductible selected is $250, the policyholder would pay $200 and the insurance company would pay nothing. Deductibles help to keep insurance rates lower by allowing the policyholder to raise the amount of their deductible and assume more of the risk of a covered loss. Raising the amount of the deductible generally lowers the cost of insurance, but carefully consider the amount of money that you would be able to pay on short notice before selecting your deductible.
the amount a policy holder is responsible for paying towards each claim. The insurance company is responsible for the remaining balance up to the coverage limit. Example if it is determined that you have a covered loss that totals to $5000.00 in damages and you have a $1000.00 deductible, you would expect to received a check for $4000.00 However, if your loss does not meet your deductible you would not be paid anything. Example your damages totaled $850 and you have a $1000.00 deductible, you did not meet your deductible, therefore you would not receive any monies. Note: these examples do not take any applicable depreciation into consideration.
The amount of money that Medicare beneficiaries must pay out of pocket before they receive health plan benefits. An example is the $250 deductible for Medicare Part D in 2006. Deductible amounts typically change every year to reflect current health care costs.
The amount (usually a flat dollar amount; e.g., $500) of a claim that an insured person must pay out-of-pocket before an insurance policy makes payment for the remainder of the loss. The higher the deductible on a policy, the lower the premium (inverse relationship).
The amount each insured (employee) pays for covered expenses first, before an insurance plan begins to pay benefits. Deductibles can apply to all services or limited types of services. Not all plans require a deductible.
(see also Coinsurance, Copayment, Cost Sharing): The expenses that must be incurred by a consumer before a payer will assume liability for all or part of the remaining cost of covered services; usually tied to a period of time (e.g., $100 per calendar year or $200 per episode of illness).
A fixed dollar amount that a subscriber contributes in payment for medical services during a specific period. (Example-any medical expenses incurred during the year above an annual deductible of $100 would then be covered by insurance.)
A flat amount that an insured must pay before the insurer has to pay anything for health care charges under a health care plan. Such a deductible can be for each service rendered, item furnished, or for a period of time, usually a year. (Related: Coinsurance and Copayment) Diagnosis-Related Groups (DRGs) A Medicare concept by which patients are grouped into categories with respect to specific diagnostic, therapeutic, and demographic criteria for the purpose of making uniform prospective payments to health care providers for specific illnesses or conditions.
a dollar amount of medical expenses you pay first before health benefits begin. If you are a TRICARE Prime enrollee and you receive care that is not arranged by your Primary Care Manager, you must satisfy a deductible with the Point-of-Service option. TRICARE Prime coverage that is coordinated by your Primary Care Manager has no deductible.
to take away one quantity from another or subtract. The actual dollar amount an insured individual is asked to pay for healthcare expenses prior to any health insurance, or self-insured health insurance company payments. Many health insurance and Group health Insurance rates are based on annual deductible figures.
Amount a policyholder has to pay prior to having their insurance company start paying for a claim. For example, if you have a $500 deductible, and you have $2000 worth of damage to your car, the insurance company will pay $1500 and you pay $500. There are all different amounts of deductibles ranging from $100 - $1000.
The amount subtracted from the amount of damages payable under a policy before the claim is paid. The deductible can be a flat dollar amount, a percentage, or, in some coverages such as Business Interruption Insurance, a specified period of time rather than a dollar amount.
The amount you must pay for health care, before Medicare begins to pay, either for each benefit period for Part A, or each year for Part B. The deductible for Plan F+ applies to both Part A and Part B. These amounts change every year.
For some types of auto insurance coverage, you're asked to choose a deductible. A deductible is the amount of damages you agree to pay for if you file an auto insurance claim. Though choosing a higher deductible can substantially lower your auto insurance premium, if you file an auto insurance claim, you'll have to pay the full, pre-established amount of the deductible out of your own pocket in order to receive payment from your auto insurance company.
The type of cost sharing where the insured party pays a specified amount of approved charges for covered medical services before the insurer will assume liability for all or part of the remaining covered services.
This is the amount that you and your family must pay for covered basic and major services before the plan will pay any benefits under Plan C. You may also pay a deductible for services performed by a non-participating dentist if you are enrolled in the DMO® under Plan B.
The amount of expenses the patient must incur and pay before the plan will begin to provide benefits for certain services. For example, if a benefit is subject to a $150 deductible and the expense for a medical service is $200, the patient is responsible for $150 of the charge and the plan would consider the remaining $50.
The deductible is the amount you must pay before the insurance is responsible for expenses. The amount can be expressed in either a percentage of the bill or a set dollar amount. Deductibles may be set on a per visit or annual basis.
The amount paid by a patient to medical providers every year before a health plan begins paying for coverage. There is usually a maximum annual deductible for each member on the contract and for the combined total of all members on the contract.
The amount you must pay out of your own pocket before the insurance company or HMO begins to pay its portion of claims. You usually must meet a deductible each year. If you have a family plan that covers your spouse or dependents, you may have one deductible for the entire family, or you may have to meet a separate deductible for each family member.
is a specified dollar amount a plan member must pay before the insurance company will begin to cover any medical cost. For instance, if your plan deductible is $2,500, you will pay the first $2,500 of your medical expenses before your insurance company starts covering costs. Usually, the amount of insurance premium decreases if the deductible increases.
For some insurance coverages, you are asked to choose a deductible. The deductible is the portion of losses that you agree to pay in the event of an accident. Though choosing a higher deductible can substantially lower your insurance premium, if an accident occurs, you must pay the full, pre-established amount of the deductible in order to receive payment from your insurance provider. | Back
A deductible is a set dollar amount such as $250 or $500, which you must pay before your insurance plan will begin reimbursement for your hospital charges. A deductible can be set for either an individual or an entire family.
The amount of money you must pay out of your pocket first, before benefits are payable. For example: If a drug plan has a $250 deductible, the participant must pay the first $250 of drug costs on their own and then the plan benefits begin.
The amount stated in your extended auto warranty policy that you must pay the repair facility for each covered repair done to your vehicle. The warranty company pays the balance of the covered repair. Typical deductibles range from $0 to $200 and the lower deductibles are usually options you can purchase for a small surcharge.
Fees, stated as a dollar amount on either a Calendar Year or Anniversary Date basis, that must be met before Covered Services will be paid for by the Plan. The Deductible must be paid by the Member to the Provider at the time services are rendered. After the Deductible is met, the Member is responsible for paying the remaining Coinsurance, if applicable. Specific Deductibles are listed in the Summary of Benefits.
The portion of an insurance claim that you pay. For example, if the comprehensive coverage deductible on your policy is $500, and it is in an accident that causes $1,200 damage, you pay $500 of the repair cost, and the insurance company pays the remaining $700 (up to the limit of your policy).
A predetermined amount of covered expenses that the health insurance policy holder must pay for before the health insurance Carrier begins providing either Coinsurance or full coverage of the policy holderâ€(tm)s health costs. Deductibles and Premiums have an inverse relationship; the higher the Deductible the lower the Premium or the lower the Deductible the higher the Premium.
This is the amount an insured must pay for medical services before benefits are paid by the insurance company. A rule of thumb is, the higher the deductible the lower the premiums. Make sure the deductible you select is an amount that you can comfortably afford to pay should you become ill. Remember that you will still have premiums to pay as well.
CLOSE The amount you must pay for services before your plan starts paying expenses. An individual deductible is the amount you must pay for a single person. This person can be you or one other family member. The family deductible is the amount you must pay for the whole family. One family member must meet the individual deductible. You can combine the expenses for other family members to meet the rest of the family deductible. If your plan includes coinsurance, it does not apply until after the deductible is met. Also, not all services apply towards the deductible.
The amount which you agree to pay, per claim or per accident. This is subtracted from the total amount paid by your insurer. If the claim is $500 and your deductible is $100, you pay $100 and your insurance company will pay $400. The higher the deductible, the lower your payment will be for the policy, but the more you will have to pay out of your pocket if you file a claim.
This is the amount you pay before your health insurance kicks in. For example, if you have a $250 deductible, you have to pay for the first $250 of medical bills out of your own pocket. After that, the insurance company helps pay your medical bills.
is the amount of the loss you agree to pay. Small claims are expensive for an insurance company to adjust in relation to the size of the loss, so a provision is made whereby you agree to pay these claims yourself in return for a reduced premium. You must take care in weighing premium savings against higher deductibles.
The portion of a loss that you are required to pay before your insurance coverage will respond. Deductibles can be used to reduce your physical damage premiums. For example, if you owned a policy with a $200 deductible and you suffered a covered loss totaling $1,000, you would pay the first $200 and the insurance company would pay the remaining $800. If the loss were only $200, you would pay the entire amount and the insurance company would pay nothing.
The out-of-pocket dollar amount an insured must pay for health care services before the insurance policy begins to pay for services. A policy may contain a deductible that applies to each covered member and a limit on the total deductibles a family will pay.
This is your out-of-pocket expense that you agree to pay for losses. The insurer agrees to pay for the amount of loss over the amount of the deductible. If you can afford to carry a higher deductible on collision and comprehensive coverage, you can substantially lower your costs.
The portion of losses that you agree to pay in the event of an accident. Higher deductibles lower premiums significantly, but will come back to haunt you in the case of an accident, especially if you're at fault.
The amount a member must pay out-of-pocket each contract year for covered services before the health plan will pay. See your Evidence of Coverage, Group Certificate or any associated riders and endorsements for more details.
A memberâ€™s stated portion of the cost of care before certain contractual benefits are paid. For example, if a plan has a $300 deductible, the deductible is met once the member has paid the first $300 of the covered medical expenses for that year. After that, the plan begins to pay a percentage toward the cost of covered healthcare services.
A portion of the covered expenses (typically $100, $250 or $500) that an insured individual must pay annually before insurance coverage with co-insurance becomes effective. Deductibles are standard in many indemnity and PPO plans.
The amount of dental expense for which the beneficiary is responsible before a third party will assume any liability for payment of benefits. The deductible may be an annual or one-time charge, and may vary from program to program.
The amount you must pay for health care or prescriptions, before Original Medicare, your prescription drug plan or other insurance begins to pay. For example, in Original Medicare, you pay a new deductible for each benefit period for Part A, and each year for Part B. These amounts can change every year.
The agreed-upon amount of medical expenses paid by the insured before benefit payments begin. The deductible usually applies annually to each covered member of the family. It is sometimes waived if medical expenses result from accident.
We use this term to describe another legal limit on “pain and suffering compensation”. The law requires for car accidents a deduction of $15,000 from the amount you would otherwise get for your pain and suffering.
The deductible is the amount you must first pay out of pocket each fiscal year for outpatient medical care before TRICARE begins sharing the cost. The amount you have contributed toward your deductible can be found on your TRICARE Explanation of Benefits (TEOB). The claims processor keeps track of your deductible and subtracts it from your claims during the fiscal year. The deductible is separate from, and in addition to, your cost share.
Member pays 100% of the cost of each prescription up to a pre-specified dollar amount whereupon the prescription drug benefit takes effect. Example: A member may be required to pay 100% of all prescription costs up to $1,000, after which only a coinsurance of 25% is required to fill a prescription.
The amount you must pay for health care before Medicare begins to pay, either each benefit period for Part A, or each year for Part B. These amounts can change every year. (See Benefit Period; Part A; Part B.)
is the initial amount you must pay before the insurance company can start to reimburse. The deductible is the amount of risk you take on, and the remainder of the loss is the risk that the insurance company assumes
A portion of the health-insurance premium paid bythe person receiving the coverage. Use of deductibles is an effort toreduce the overall cost of paying for care to the government orinsurance company carrying the health policy.
A feature included in a medical expense insurance policy that requires the insured to pay a flat dollar amount for eligible medical expenses before the insurer will begin making benefit payments under the policy.
The amount of covered expenses the covered person must pay before the medical benefits are payable. After the deductible has been met, the plan will pay the covered expenses at a stated coinsurance percentage per the plan.
The portion of a claim you pay out of pocket before the insurance company pays. A higher deductible will lower your premium and you do not have to carry the same deductible for comprehensive and collision coverages.
The agreed amount you must pay before your insurance organization will pay a claim. Usually, you have 12 months to meet your deductible. Eligible expenses after you meet your deductible are then paid for the rest of that 12-month period.
The amount you must pay before your insurance coverage begins paying. For example, if you had a $250 deductible and a loss of $800, you would pay the first $250 and the insurance company would pay the remaining $550. However, if the loss were less than or equal to $250, you would pay the entire amount and the insurance company would pay nothing.
a fixed annual amount associated with indemnity plans (fee for service, PPO, POS) that is paid by the patient for services rendered before the insurance plan will pay for any expenses. For example, a plan may require you to pay the first $200 in an annual period before covering medical claims.
The amount of eligible expenses a Member must pay each calendar year (or Contract Year) before the insurance company will make a payment for eligible Benefits. Usually applies to the Out-of-Network services, but may apply to In-Network services for certain products.
The amount you must spend before insurance will take over the cost. This is often called TrOOP (True Out-Of-Pocket) costs, meaning that it is money actually spent not the cost value of something provided at discount or free. .
The amount of health care expense that a Medicare beneficiary must first incur and pay out-of-pocket annually before Medicare will begin payment for covered services. Medicare deductibles include the Part A hospital deductible; the deductible for all covered services under Part B; and the blood deductible.
A certain dollary amount, specified in some property insurance policies, beyond which insurance protection begins. The insured assumes the loss up to the limit of the deductible amount; then the company pays any loss over that amount.
Refers to the amount of loss that the Insured pays in a claim amount. Deductibles apply to both direct damage to property and business interruption losses. Direct damage losses call for an agreed amount that the Insured will pay before the Insurer pays. The deductible amount in a business interruption contract is often referred to as a 'waiting period or elimination period'. This waiting period refers to the length of time an Insured must wait before any benefits from the policy are paid.
The amount a member must pay each year for medical or dental care expenses before any benefit, will be paid by the medical plans. For example, the first $500 worth of expenses in the Blue Shield Retiree PPO Plan (under 65).
The amount a person must pay before the insurance company begins to pay its portion of claims. In general, the higher the deductible, the lower the premiums of the health plan. For some plans, including managed care plans, the deductible and co-payments are higher for out of network (i.e. non-participating) providers.
The amount that the patient or family must pay for health-care services before the insurance policy begins making payments. The health insurance policy sets this amount; usually it is due every calendar year.
A dollar amount, specified in most insurance policies, beyond which insurance protection begins. The insured assumes the loss up to the limit of the Deductible amount, then the insurance company pays any amount over the Deductible, up to the policy limit.
This is the amount of money that you will have to pay every year (or every benefit period) before the insurance company or the state or federal program pays any bills. For example, your deductible is $200. This means that until you have incurred bills of and paid $200 towards your care, the insurance company won't pay anything. After you have paid the $200, your full benefits will begin. Sometimes there are different deductibles for different benefits. Maybe a $200 deductible for most care and a $100 deductible for medicines.
In an insurance plan, the term for an amount you pay first, before your plan starts to pay. In a Part D plan, you may have to pay the first $250 of your eligible drug expenses for the year as your deductible.
the specified amount which the insured will contribute to any claim, also called excess or Insured's Contribution. As the insurer is dealing with the claim on the insured's behalf, they may require payment of the deductible prior to settlement with the claimant.
If youâ€™re insured under an indemnity plan, the deductible is the amount you'll have to pay toward your medical expenses before the insurance company begins to cover your claims. This should be clearly spelled out in group health quotes. Coverage when you canâ€™t work
The amount of loss or expense that must be incurred by an insured or otherwise covered individual before an insurer will assume any liability for all or part of the remaining cost of covered services. Deductibles may be either fixed-dollar amounts or the value of specified services (such as two days of hospital care or one physician visit). Deductibles are usually tied to some reference period over which they must be incurred, e.g., $100 per calendar year, benefit period, or spell of illness.
The portion of covered expenses you must pay before the CHP pays benefits. If you are participating in Option HD-1 and you have dependents enrolled, the entire family deductible must be satisfied before any benefits are paid by the Plan for any enrolled member. The family deductible can be satisfied only by the member and his/her enrolled dependents.
Before some insurance plans will begin to cover medical expenses, the insured person must pay a certain dollar amount of their own medical costs. As an example, an insurance policy may require the policy holder to pay $200 of hospital costs--once the policy holder has paid this much is hospital expenses, the insurance will cover the rest of hospital costs (at whatever rate they specify). Deductibles are usually for one year, meaning that meeting a deductible for one year only lasts for that policy year--the deductible will be reset for the next policy year. Deductibles vary from policy to policy. Some have no deductible, some have a deductible applied to all medical services, just to some medical services, to all family members, or a per-individual deductible. Some insurance plans allow you to choose a higher deductible with the benefit that you have a lower premium.
The amount a patient must meet in a covered (insured) year before insurance starts to pay claims. Most group plans only have a deductible or copay for normal office visits. Deductibles are almost always due for hospital and other visits.
Amount to be paid by the insured person before the insurance company begins to pay for the covered expenses. Deductible may be either per sickness/injury or once per policy period or once per year depending upon the insurance policy you purchase. You will not get receive any reimbursement later from insurance company for the deductible you pay. e.g., Let us consider that you have purchased an insurance policy with a $50,000 policy maximum, $250 deductible per policy period and 80/20 co-insurance. Suppose you incur a covered expense of $10,250; then the insurance company will pay the covered expenses according to policy terms after you make a a payment of the deductible (i.e. $250).
Nothing to do with income tax, this is the portion of the loss that you agree to pay out of your own pocket, before the insurance company pays the amount that it is obligated to cover. The deductible is subtracted from the total amount paid by your insurer. Therefore, if your claim is for $2,000 and your deductible is $500, you will pay $500 and the insurer will pay $1,500.
The amount of health care costs that the patient must pay before the insurance company pays covered expenses. For example, you have a $250 deductible, after which your insurance company pays 80 percent of covered expenses. An emergency room visit costs $600. You will pay your $250 deductible, plus 20 percent of the additional cost, or $320. Your insurance picks up coverage after the $250 deductible, so therefore pays 80 percent of additional $350, or $280.
The amount of money in which you must pay for covered medical expenses incurred during the benefit period before the plan will make payment. The deductible will apply to covered medical expenses for services provided during the benefit period to each family member.
The money an individual or family must pay from their own funds toward covered medical expenses, usually based on a calendar year. For example, if a plan has a $100 deductible, the deductible is met once the first $100 of the covered medical expenses for that year have been paid. After that, the plan begins to pay toward the cost of covered health care services.
A portion of the covered expenses (typically $100, $250 or $500) that an insured individual must pay before insurance coverage with co-insurance goes into effect. Deductibles are standard in many indemnity policies, and are usually based on a calendar year.
The amount a policyholder agrees to pay toward the insurance loss. The deductible may apply to all claims made during a specified period, as with health insurance, or to each claim for a loss occurrence, such as an automobile accident.
The amount which must first be subtracted from the total damage incurred before determining the insurance company's liability. Deductibles can be a set dollar amount or a percentage of the dwelling value. Two deductibles can apply on a single policy. Some policies may have one deductible that applies to wind and hail damage and another for all other losses. If this is the case, the wind and hail deductible is usually much larger than the deductible for all other losses.
A portion of the covered expenses (typically $100, $250 or $500) that an insured individual must pay before benefits are paid by the insurance plan. Deductibles are standard in many indemnity policies, and are usually based on a calendar year.
A deductible eliminates coverage below a certain threshold dollar amount or expressed as a percentage. A deductible clause requires the insured to bear risk in each and every loss up to the deductible limit. In theory, deductibles reduce the price of insurance by eliminating numerous small claims that are relatively expensive to handle and also decrease moral hazard.
Most dental plans have a specific dollar deductible. It works like your car insurance deductible. During a benefit period, you will have to personally pay a portion of your dental bill before your insurance carrier will contribute to your bill. Your plan booklet will describe how your deductible works. Plans do vary on this point. For instance, some dental plans will apply the deductible to preventive treatments, and others will not.
When you have health insurance, you usually have to pay a certain dollar amount of your medical expenses each year before your insurance company starts to pay its share. The amount you must pay out-of-pocket is called your deductible.
the amount (usually stated as a dollar amount, but sometimes as a percentage) that the insured must assume on all losses with the insurance company paying the amount of the loss in excess of the deductible. The deductible essentially has the effect of reserving insurance coverage for larger, less frequent losses, thus avoiding "nuisance" claims and keeping premiums down. Associated primarily with property, rather than liability, insurance.
A deductible is the set amount of money you have to pay when making a claim. For example, let's say your deductible on your property policy is $500. If you had a fire and the damages were assessed at $10,000, you would have to pay the $500 deductible, for taking care of the balance of the repair costs. The amount of your deductible affects the price of your insurance policy. The higher your deductible, the less the cost of your insurance premium.
The dollar amount that the insured individual needs to pay out-of-pocket before he/she is entitled to collect benefits from the insurance company. Note: Deductibles do not always apply for all medical expenses. Refer to your Certificate of Coverage for specific plan details.
A flat amount of covered medical expenses that an insured must incur before the insurer will make any benefit payments under a medical expense policy. Also called the deductible amount or initial deductible.
The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.
In an insurance policy, the deductible or excess is the portion of any claim that is not covered by the insurance provider. It is normally quoted as a fixed amount and is a part of most policies covering losses to the policy holder. The deductible must be "met", that is, paid by the insured, before the benefits of the policy can apply.
An individual's contributions to a traditional IRA are tax deductible if he or she is not an active participant in an employer's retirement plan. An active participant still may deduct contributions to a traditional IRA depending upon income and filing status. Contributions to a Roth IRA are not deductible.
Clients shall compensate for any damage or theft, even partial, occured to the vehicle. The client's liability is limited and varied for group vehicles. The client is required to leave a deposit at the time of the rental.