What is a deductible?
It’s the amount deducted from the payment to you before your policy kicks in. For instance, if you have an auto insurance policy with a $200 collision deductible, the first $200 to repair the damage to your car will be deducted from the payment you receive from your policy. If repairs only cost $150, you will be responsible for the payment. But if your covered repairs cost $1,000, $200 will be deducted and your insurance will pay $800. You may select different deductibles for collision and comprehensive coverages.
The deductible is the amount you are required to pay before your insurance begins payment. In most cases, when you see practitioners that are “in network”, there is no deductible. Deductibles vary depending on your individual policy. You should check with your insurance company to determine your individual plan coverage. If you have a deductible and have not met it, payment is expected each visit until your deductible is met. What is co-insurance? Some policies do not have a co-pay, but they may have a co-insurance. This is the percentage that your individual policy requires you to pay of the allowed, or contracted, amount. We will bill you for your co-insurance amount once we determine what your carrier allows per visit.
Regarding damage to your own auto, Collision and Comprehensive coverage may each include a deductible. A deductible is basically a risk that is self-Âinsured. It is an amount of money that you are required to pay before your insurance coverage begins to pay for damage. Deductibles can be purchased in any dollar amount, but are generally $100, $250, $500, or $1000.
