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What does annual deductible mean for health insurance?


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Answered 2010-10-03 20:51:50

The annual deductible is the aggregate maximum amount that the insurance policy requires the insured(s) to pay over the course of a year in deductibles.

Stated otherwise, a deductible will normally be incurred for each physician's visit, medical test, or other procedure. There may come a point however, during the course of the year, when the total of all of those deductibles meet or exceed the annual deductible (specified in the policy). At that point the annual deductible will have been met and until the start of the new policy year, no further individual deductibles will have to be paid.

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It's the part of the cost you must pay before the insurance pays anything.


I think you maybe using the wrong verbiage here? Usually the term "Health Insurance Riders refers to exclusions for Pre-existing conditions that are excluded from your policy! Do you mean Health Insurance Premiums? Premiums are the amount you pay monthly or yearly to be insured. If you mean premiums they are tax deductible for some people, but deductions all depend on your income level, tax bracket, and several other factors that your CPA should help you with. Because what is deductible for one is not deductible for all!


Deductible means the amount of Covered Expense you must pay for Covered Services before certain benefits are available to you under this Combined Evidence of Coverage and Disclosure Form. Your annual Deductible is stated in the Part entitled ?MAXIMUM LIFETIME BENEFITS, ANNUAL DEDUCTIBLE, CO PAYMENTS AND ANNUAL OUT-OF-POCKET MAXIMUM.If your deductible has not been paid, the insurance company has the right to withhold the deductible amount first and then pay out the difference.


In health policies co-insurance is a percentage of covered expenses that insured is required to pay in addition to co-payment and deductible For example if you have an 80/20 plan, the insurance company pays 80% for covered services after you've met your deductible. You pay the remaining 20%, up to your out-of-pocket maximum.


Both terms relate to insurance, but mean different things. A deductible is the amount of money that the insured has to pay toward a covered occurrence before the insurer's obligation to pay anything is triggered. For example, if an auto policy had a $250 collision deductible, the insured would be responsible for the first $250 in repair costs; the insurer would pay the rest. The theory is the same in the case of health insurance. A premium is the amount of money that the insured pays in return for insurance coverage. In other words, it is the price of the policy. It is generally payable on a monthly, quarterly, semi-annual or annual basis.


You mean like a Hollywood talent agent? That would be deductible if you were in show business. If you mean like an insurance agent, that would not be deductible unless it was necessary to help you buy insurance for your business.


I assume you mean how does the deductible work. When you file a claim on any insurance, the insurance company will take out the deductible before it issues the payment to you. In many states the banks are protected and the check has to be made out to you and the mortgagee company.



You will need to read the policy for an accurate answer. However a deductible is usually The amount that the insured must pay out-of-pocket before the health insurer pays its share. The equivalent on a motor insurance policy would be the "excess".


It could stand for "Hippie Dan's Hewlett Packard. But, since this question is in the insurance section of Answers.com, you are probably looking for "high deductible health policy" A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Participating in a "qualified" HDHP is a requirement for health savings accounts and other tax-advantaged programs. High-deductible health plan - Wikipedia, the free encyclopedia (21 December 2009) http:/enzperiodzwikipediazperiodzorg/wiki/Highzhyphenzdeductible_health_plan http:/snipurlzperiodzcom/tsjnn


On a health insurance policy, a "deductible" is a specified amount which the insured/beneficiary must pay out of their own pocket, before their insurance will pay any covered medical services. After the deductible amount is met, a "coinsurance" is a percentage amount which the insured/beneficiary is responsible for. For example, if an insurance policy is an "80/20 plan", this means that the insurance company pays 80% of medical services, and the patient (insured) is responsible to pay the remaining 20% (coinsurance).


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 visits 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.


A deductible, or insurance deductible, is an amount of money the first of which the insurance company will not pay towards the cost of the loss suffered. For example, a $500 deductible means that the insurance company will not pay the first $500 of a loss. Deductibles are made for the purposes of keeping the costs of insurance down by making the insured pay a certain amount of money and not make a claim towards minor losses. If the accident is the other person's fault, either their insurance company will pay that deductible or you can sue them in court.


The deductible is the amount of money you will pay out of pocket before the insurance coverage kicks in. If you have 900.00 in damages, they wont pay anything. If you have 1500.00 in damages, they will give you 500.00. Less meaning - minus the deductible


Some health insurance plans offer a AD&D Life Insurance Policy. That is why you would name a beneficiary for a health insurance company.


That is insurance terminology. It is a portion of a covered claim that the insurance company will not pay and that you have to pay to the doctor or hospital yourself.


By "Obama Health," I assume you mean, health insurance reform. The government will not be taking over any private insurance provider as a result of health insurance reform.


Coninsurance is the amount you are required to pay for medical care in a fee-for-service plan after you have met your deductible. The coinsurance rate is usually expressed as a percentage. For example, if the insurance company pays 80 percent of the claim, you pay 20 percent.


It means that the insurance has a maximum payout combining costs of drugs, hospitals, doctor visits, therapy, etc. Insurance is a business and they want to make money.


Renters insurance is a form of homeowners insurance. The form is HO-4. I assume that you mean the policy that the person renting purchases to cover their belongings and liability. Most all homeowners policies offer a wide variety of deductible choices usually ranging from $250 to $5000. The higher the deductible you choose the less the cost of the policy because you are assuming some of the risk for small claims. Most insurance companies have or are moving to increase their minimum deductible to $500. Look on your declarations page on the front of the policy and it should tell you the deductible.


No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.


If it is health insurance quote. It means Each Employee


When one buys an insurance policy, one of the choices that is made is the amount of the deductible. A deductible is the amount of money that the insured elects to pay toward a covered loss. Stated otherwise, the insured is "self-insuring" for the amount of the deductible, such that the insurer's obligation to pay is not triggered until the deductible is met. One it is, the insurer pays the amount of the remaining covered loss. The insurer's actual payment may also be subject to certain exclusions (things not covered) or limitations (payment is made only to a stated amount, even if actual charges exceed that amount). In the realm of health insurance, co-payments are also common. A co-payment is the percentage of the covered charge for which the insured remains responsible. An example would be that the insurer is responsible for the payment of 80% of the charge, and the insured is responsible for the remaining 20% in addition to the deductible. In general, premiums are lower for health insurance that carries a higher deductible and co-payment, because the insurer bears proportionately less risk for a covered occurrence.


Per Occurrence in insurance means its time an event occurs. Consumers often see this on auto insurance, when they find out the deductible amount they will pay each time they have a wreck.


Health insurance is a pressing issue for many people. They want to have coverage, but don't think they can afford the cost of premiums, deductibles and co-pays. The truth is that they can find affordable individual health insurance plans by doing the research themselves. Many health insurance comparison websites are free to use and set up to help consumers with the problem of finding affordable health insurance. By giving the website your age, gender, smoking status, student status and zip code, you can get a list of the most popular and affordable health insurance plans in your area. To find the plan that is right for you, have the website list the plans in order from the cheapest to the highest deductible. From there, you can see what you are getting for your money. Maybe two plans with similar premium rates have different deductibles or co-insurance percentages. You can then narrow down the list until you find a plan that fits your needs. There are a few things to keep in mind when looking for health plans. The first is that the deductible advertised is usually for one person. A family deductible may be double or even triple the advertised price. However, just because two plans have the same advertised deductible rates does not mean they will have the same family deductible, so it is important to look at the fine print. Many plans also do not include pregnancy coverage for the advertised premium, but some will add it on to your plan for an additional price. Be prepared to wait around two years to get pregnant, as pregnancy coverage almost always has a long waiting period. Prescription drugs and routine childhood immunizations may be included or added on. If you have a history of medical problems and know you will use your insurance often, make sure you can afford the deductible and co-insurance. Even if your deductible is $2,500 and your co-insurance is only 20 percent, it can still add up to $5,000 on top of your monthly premium, if your medical expenses are $12,500 for the year. Good rates are available, as long as you do your research and the math before you purchase a plan.



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