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What is a Deductible for medical insurance?
A deductible is the amount that the policy holder must pay before any benefits are covered under the plan. Some plans do cover some limited services prior to the deductible being paid, or they may not cover any. It is important to know what your deductible amount is, before you purchase a policy, to make sure that you can truly afford it in the event you need medical services.
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The amount of a policy deductible on a homeowners insurance policy is chosen by the policyholder. Your policy deductible is the amount you are responsible for paying before th…e insurance company will payout for a claim. If you experience a loss to your dwelling or your personal property, your homeowners insurance policy deductible applies. The deductible does not apply to other coverages on the policy. If you experience a loss under your deductible, you will not be eligible for a payout. If your loss exceeds your deductible, your deductible will be deducted from your claims payout check.
The insurance premium is the amount you pay the insurance company every month. The insurance deductible is the set amount which you pay out of pocket for repairs after you mak…e a claim. For example... you may pay $100 to the insurance company every month for the insurance policy and have a $500 deductible. If you file a claim you are expected to pay for $500 of the repairs yourself, while the insurance policy covers anything above that amount up to your max limits.
For automobiles, $500 is often the deductible for collision coverage, and $100 and $250 are usual deductibles for comprehensive coverage. Generally, collision coverage is more… expensive than comprehensive, and a lower deductible for comprehensive does not add that much to the cost of the premium. These amounts typically increase when the covered vehicle is a high-end automobile. People who can afford such automobiles can usually afford to pay a higher deductible. For homes (homeowners coverage), the amount can vary depending on where you live and the type of coverage(s) you have. In most areas, for fire and theft, a frequent deductible is $500 - $1000. Wind damage policies can be very expensive if you live in high-risk areas for hurricanes. Therefore, in order to make a policy affordable, deductibles of $1000 or more are common. In fact, some insurers require deductibles to be some percentage of the damage, sort of like a co-payment in health insurance. Deductibles are similar for flood insurance. If you live in a high-risk flood plain, deductibles in the $1000 or more range may be required to keep a policy affordable. Flood insurance is a little out of the norm, however, because it is not universally available in the private market, so sometimes a government program is the only option. In that event, the available deductible(s) are limited to what the government program provides. For health insurance, deductibles can range quite a bit depending on the type of plan. Deductibles ranging from $250 - $500 per individual, $500 - $1000 are common. Some catastrophic plans offer very affordable plans (in terms of monthly premiums), but have deductibles in the range of $1000 or more per individual and $2000 or more per family. When evaluating insurance plans of any sort, and the deductibles that attend them, it is important to make sure that you understand whether the deductible is calculated on a per year or per occurrence basis.
AOP stands for "all other perils." This would be your deductible on losses covered under your policy. Examples would be fire, theft, or vandalism. This would be separate f…rom other deductibles that may apply to other covered losses (for example, damage caused by a hurricane).
Paying medical insurance through payroll deduction how long is it paid up to after you quit you job?
Answer Usually your insurance ends on you last day of work. Best bet would be to call the insurance company and find out exactly when it expires. You will have the opti…on to have Cobra insurance, that you pay for on your own. It's expensive, so I would probably be better to go with another carrier. If you can, get all of your medical appointments over with before your last day. Make sure they don't carry over because it's a mess when there are two insurances involved. Answer I am afraid I disagree on two points above. First, if you have paid for coverage by having those premiums deducted and the insurance company has accepted them then they either have to extend coverage for the period you have paid for or return any unused premium to you final work day. Second, I can not argue strongly against the idea that you �get all of your medical appointments over with before your last day�. I see this very frequently both as a job is ending and/or when Cobra is coming to an end. While I understand the temptation, this strategy has a HUGE downside. If they find something that requires treatment that you previously did not know about that diagnosis may have just made you temporarily or permanently ineligible for some other coverages. If you are healthy get the alternate individual coverage in place first since that needs to be medically underwritten in most states. If after that is done you get the same diagnosis, since you did not know previously that it existed, you can not be denied or cancelled as a result. ANSWER True, you do get what is paid for, however in some cases, your employer pays the entire months premium at th begining of the month and if this is the case you will be covered through the entirety of the month in which you are terminated. It is best to ask your employer to be sure of the length of coverage after termination.
Are COBRA premium payments for dental insurance an allowable medical expense deduction for tax purposes?
Yes. However, remember that the typical taxpayer has to reach a threshhold of about 7.5% of their adjusted gross income before they can deduct any medical expenses. Chec…k with a tax accountant for your specific situation.
A deductible is the amount that the insured has agreed to pay before the insurer is obliged to pay anything on a covered claim. It can be considered to be an amount for which …the insured has agreed to "self-insure". In general, there is a correlation between deductibles and premium, in that a higher deductible will correlate with a lower premium.
A standard insurance policy provides for deductibles (or excess) clause, i.e., a claim is settled by the insurer only in excess of the limits specified under this clause. The… insured can buy supplemental insurance to cover a part or full of this "deductible" amount. This supplemental insurance is called deductible buy down insurance.
Within every health insurance policy there are "free" benefits, such as preventive care. In addition, most policies - not all - offer benefits such as a copay for office visit…s and even copays for precriptions benefits. Let's refer to these benefits a PRE-DEDUCTIBLE benefits. Other than whatever pre-deductible benefits are included on your policy YOU are responsible for all other medical expenses until you have spent the amount equal to your deductible. If you have a $1,500 deductible, other than your pre-deductible benefits, you would be responsible for the first $1,500 in medical expenses each calendar year. After that, the carrier will begin paying their share.
One to avoid smaller claims preferred by the insured - two treated as a copayment since the insured who prefers the claim should share a meagre portion of the liability.
It's basically the amount of (in this case, medical) expenses that an insured person has to pay before the insurance kicks in and starts to pay. The trend is to modify the ba…sic "all or nothing" deductible concept to include "co-pays", where the insurance pays for certain types of services (such as an annual health examination) even before the deductible is met, with the insured paying a token amount (say, $10) for the service and the insurance picking up the rest. This is beneficial for both parties: the insured doesn't have to come up with the full cost of the exam, and the exam may discover a condition early, while it can be treated easily and cheaply (therefore saving the insurance company money in the long run).
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
What if I have to have a costly medical procedure done but have not met my yearly deductible will my insurance cover any of it?
If it's a costly procedure, then you'll probably go over the deductible amount and get paid on everything over that. Check your policy or brochure.
The "deductible" is the dollar amount of health care costs that must be borne by the insured individual before the insurance coverage takes effect. Once the insured patient ha…s paid that dollar amount, further costs will be borne by the insurance carrier. These out-of-pocket costs may be set on both a per-event and a yearly basis.
Unreimbursed medical expenses are only deductible in the year that they are paid as a part of all other unreimbursed medical expenses on the schedule A itemized deductions of …the 1040 tax form subject to the 7.5% of adjusted gross income limit. The amount over the 7.5%limit is added to all of your other itemized deductions on the schedule A tax form.
Your deductible only gets paid in the event of a claim. For example, you tap a light pole in the mall parking lot. The pole is ok but your car is damaged. If you have comprehe…nsive coverage on your car, your insurance company will pay a claim to have it repaired. So, you get a body shop who says it will cost $1,400 to fit it. If your deductible is, say, $500.00, your insurance company cuts a check to the body shop for $900.00 which is the difference between the damage repair bill and the deductible. Thus, you must come up with the $500.00 amount.
The deductible will double if the loss occurs during a certain time period. So if your deductible is currently $500, you will pay $1,000 before the insurance will pay any …amount. Typically this applies only for the first two or three months of a new policy. After that, only the $500 will apply. The benefit of selecting a double deductible policy is that it lowers your premium.