What is an insurance deductable?

Answer 1

It's generally an amount that's not covered by the policy (i.e. the insurance provider will only pay for the element of claims that exceed the amount of the deductible). If you're not sure, call your broker, you need to be sure about these things, otherwise, you could end up in a financial mess.

Answer 2

A deductible is an amount you pay out of pocket before the insurance company starts kicking in their part. For instance, let's say you have a $350 deductible and then it pays 80%. You have a hospital bill for $1200. The first $350 you pay, and then you pay 20% of the balance, making your total out of pocket $520. Once your deductible is met for the year however, you just have to pay the 20% or whatever the amount your insurance doesn't pay.

Answer 3

A deductible is what the insured (you) are required to pay out of pocket, before the insurance company will settle a claim (give you money). The purpose of a deductible is to keep the insured from reporting small losses.

Another words Insurance companies want you to think twice before filing a claim. If you have to pay first there is a chance you wont file the loss.

Answer 4

Deductible
A fixed dollar amount that a consumer must pay for (within a particular time period) before an insurance company will start paying for benefits. The amount a member must pay prior to receiving coverage for out-of-network services. Deductible amounts are applied on a calendar year basis. Deductibles count toward the member's out-of -pocket maximum. 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 $500 deductible, and then pay up to 100% of money spent for covered services above this level.

Answer 5

It depends which deductible you're talking about. For a yearly deductible, it would be the amount you'd pay out of pocket before the company would pay your insurance benefits (whether it's 100%, 80/20, 70/30, etc.) In it's most generic sense, it's out of pocket expenses required BEFORE an insurance carrier pays out your insurance benefits.

Answer 6

The amount you have to pay each year before your insurance pays for your claim. If your deductible is $350. You have to pay $350 before, your insurance will pay. Therefore, if your first claim is for $300. You pay $300. If your second claim is for $200. Your pay $50 and your insurance pays $150. The rest of your claims that year, your insurance will pay the full amount. This is assuming you don't have any co-pays.

Answer 7

In auto and homeowners insurance - a deductible applies per occurrence. In essence, you agree to pay for the first (say 500) worth of damage if your insurance company will pay for your damage after that.

With health insurance, the deductible usually applies per year. So once you meet your deductible (say 500) then your health insurance policy will after that (according to your policy terms).

Answer 8

The deductible is what you have to pay before the insurance company will pay.

Answer 9

its the amount of money you will pay no matter how expensive the accident is. if you have a 100$deductable and get in a minor accident which ends up costing you 50$, then you pay 50$. If you get in a serious accident which cost you 4000$, you pay 100$ dollars, issurence covers the other 3900$

Basically its to keep people from reporting all the stuff like when the retard in the parking space next to them opens their door to fast.

Answer 10

Its the money you pay when you use whatever the insurance covers I.E. a doctors visit costs me 20 bills thats my deductable.