What is a deductible?

All property insurance policies have a Deductible. This means that you must pay an amount equal to the amount of the Deductible. The policy deductible runs from $500 to $5,000. However, in Florida and other Hurricane prone states, it is not unusual to see a Hurricane Deductible in the amount of 2% of your dwelling coverage limit. These deductibles reduce the cost of insurance and are indicated on the Declarations Page when they apply.  more

A deductible is a specific flat-dollar amount an individual must pay out of their own pocket toward covered expenses before a plan begins to pay toward expenses. Deductibles carry through a twelve-month period – October 1 through September 30. Plan deductibles are listed on the summary of benefits or in your employee benefit booklet. To obtain the Summary of Benefits go to http://www.oregon.gov/DAS/OEBB/summaryofbenefits.shtml. Some plans have a family maximum annual deductible. Basically, this means that once a certain number of your family members meet the annual deductible, services for all family members will be paid at the plan benefit level. For example, if a plan has a $100 individual deductible, and a family deductible of $300 (shown as $100/$300 in the summary of benefits), once an individual has paid $100 for covered services, benefits would kick in at the benefit level for the type of service received for the remainder of the twelve-month benefit year. If two more family ...  more

The deductible is the amount you agree to pay out of your pocket for losses before your insurance policy begins to pay. The higher the deductible the lower the premium on your policy will be. A policy with a $100 deductible will cost more than one with a $250 deductible. Only you can decide how high a deductible to take, because only you can judge what you can afford to pay for an unexpected loss. When you shop for coverage, be sure to ask the agents who give you premium quotes how a larger deductible would affect the cost of the policy you're considering.  more

A deductible is a portion of a claim that you, as the insured are responsible for paying. Our 50 Unique standard deductible for a home insurance policy is $500, however we give you the option to increase it or decrease it, depending on your needs. For example, if your claim total amount is $7,000, we will pay $6,500 and you will be responsible for the first $500, representing your deductible amount.  more

A. A deductible is a dollar amount that you must meet by paying for medical services before the insurance company will begin to pay for your health care expenses. Our plans cover your expenses for an office visit, after co-pay, without requiring you to first meet your deductible. For the Base Plan there is a $1000 Individual Deductible and a $2000 family deductible. On the High Plan there is a $250 In-Network Individual Deductible and a $500 In-Network Family Deductible. On the High Plan, if you use out of network providers the Individual and Family Deductibles are $500 and $1000 respectively. The districts plan has a Calendar year deductible (Jan through Dec). On January 1 of each year you will have a new deductible to satisfy before coinsurance will begin.  more

A deductible is a portion of a covered loss that is not paid by the insurance company. Most boat insurance policies contain a per-occurrence deductible provision that stipulates that the deductible amount specified in the policy declarations will be subtracted from each covered loss in determining the amount of the insured's loss recovery. A boat owner who wants to pay a lower premium can request a high deductible, but he must be prepared to pay out-of-pocket costs if a loss occurs. Deductibles are generally offered in the range of 1% to 4%.

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 quantity and is a part of most policies covering losses to the policy holder. The deductible must be paid by the insured, before the benefits of the policy can apply. In a typical automobile insurance policy, a deductible will apply to claims arising from damage to or loss of the policy holder's own vehicle, whether this damage/loss is caused by accidents for which the holder is responsible, vandalism or theft. Third-party liability coverage generally has no deductible, since the third party will likely attempt to recover any loss, however small, for which the policy holder is liable. Most health insurance policies and some travel insurance policies have deductibles as well. Typically, a general rule is: the higher the deductible, the lower the premium, and vice versa. The type of health insurance deductibles can also vary, as ...

A deductible is the amount of annual medical expenses that a health plan member must pay before the plan will begin to cover expenses. For example, if your plan has a $500 deductible, you will pay the first $500 of your medical expenses before your health plan begins paying the expenses. Only expenses for covered services apply towards the deductible. For example, if you paid $100 for a visit to a chiropractor but the plan does not consider chiropractic care a covered expense, then the $100 will not apply toward your annual deductible. Q) What is the difference between an in-network and an out-of-network medical provider? An in-network medical provider is within the approved network of providers for a particular health plan. Out-of-network providers are not on the list. If you visit a doctor within the network, the amount you will be responsible for paying will be less than if you go to an out-of-network doctor. In many cases, the insurance company will not pay anything for services ...  more

A "deductible" is a specific dollar amount that your health insurance company may require that you pay out-of-pocket each year before your health insurance plan begins to make payments for claims. Not all health insurance plans require a deductible. As a general rule (though there are many exceptions), HMO plans typically do not require a deductible, while most Indemnity and PPO plans do.  more

It is a predetermined amount of money that a person commits to pay before the Insurance Company is responsible for any benefit payments. This is done so that people will make sure that any problem that an insured might have really needs medical assistance. It is a way for Insurance Companies to keep premium costs down. • Q: What is Coinsurance? A: Coinsurance is the portion of medical costs that are shared by both the Insured (the patient) and the Insurer. For example, if you have an 80% to $5,000 coinsurance; ~ The Insurer is responsible for 80% of the next $5,000 in covered medical expenses. ~ The Insured is responsible for 20% of that same $5,000 in covered medical expenses. * In the above mentioned policy with $1,000 deductible and 80% coinsurance to $5,000: If a covered event occurred that had a total cost of $10,000, the insured would be responsible for the first $1,000 (deductible). Of the next $5,000 in covered expenses, the insured would pay another $1,000 (coinsurance). ...  more