Definitions for "Deductibles"
Amounts required to be paid by the insured under a health insurance contract, before benefits become payable.
Initial portion of annual medical expenses that plan participants may be required to pay before they become entitled to be reimbursed by the plan.
A deductible is a dollar amount. The accumulated amount of eligible expenses incurred throughout the calendar year that must be paid by the member prior to any medical insurance benefits being paid by the plan.
Typically, the standard deductible on a business owners policy is $250. Optional deductibles of $500, $1,000, $2,500, and $5,000 are usually available. The higher deductibles will generate a credit to your policy premium. The deductible applies to all losses or damages arising out of any one occurence.