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Which term refers to the amount of money you must pay each year to cover your medical expenses before your insurance policy starts playing?
Wiki User
∙ 9y ago
It is referred to as the deductable
Wiki User
∙ 9y ago
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What is the most important value of health insurance?
It reduces the amount you pay for medical expenses.
Which terms is the amount of money you most pay each year to cover your medical care expenses before your insurance policy stars paying?
Deductible
Which term refers to the amount of money you must pay each year to cover your medical expenses before your insurance policy starts paying?
Deductible - A+
What terms is the amount of money you must pay each year to cover your medical care expenses before your insurance policy starts paying?
Deductible - A+
Is Claim amount payable in a health insurance is equal to medical expenses less deductible?
I don't quite understand your question. There might also be co payments, ie 80/20 and "negotiated" rates - discounts from the Medical Provider to the insurance company.
Will your insurance pay the medicare lien if the other parties insurance liability is not sufficient to cover the entire settlement amount?
No. I assume that you were in a car accident and that you had injuries. I assume that you had medical expenses that were not covered by insurance. I assume that you own a house and there is a lien on that house to pay the cost of the medical care. I assume that the insurance settlement took 2-3 years to settle. I assume that your settlement amount paid by the other driver's insurance policy was less than the cost of your medical care. There is no other "insurance" to rely upon to pay the cost of the medical are that was not covered by your insurance and that was not covered in full by the amount of money you received from the other driver's insurance company.
How Much Medical Expenses are tax deductible?
Medical expenses are deductible up to the amount that they exceed 7.5% of your AGI. If you had an adjusted gross income of $100,000 and your unreimbursed medical expenses were $13,000 than your medical expenses deductible would be $5,500 (13,000 - (100,000 * 7.5%)).
What is Medical Insurance Premiums?
The price one would pay for Health Insurance.
How much will I get back in taxes from medical expenses?
You won't get money back in taxes, you will get to subtract your medical expenses from your taxes. This will lower the amount of taxes you pay.
What happens if medical expenses exceed auto insurance coverage after an auto accident?
1. Most states have a requirement that a registrant of an auto maintain "personal injury protection" (PIP) coverage (altho the name may be different). This is the essence of so-called no-fault auto insurance. Essentially, it pays a percentage of the insured's own medical bills and lost wages, up to a maximum amount, arising from an auto collision. It pays those expenses irrespective of fault for the collision. 2. Most insurers also offer a Medical Payments coverage. This is often an optional coverage. It pays an additional amount toward medical expenses , and often coordinates with the PIP coverage. Therefore, if the PIP coverage pays 80% of the medical bills, up to the policy limits, the medical payments coverage will pay the remaining 20% up to its policy limits. 3. If medical expenses exceed #1 and #2, one's major medical insurance is triggered. The auto insurance is "primary" in the sense that its benefits have to be exhausted before major medical insurance is called upon to pay. This is because auto insurance is required by state "financial responsibility laws" and for the further reason that it and the major medical insurance contain "coordination of benefits" provisions making the auto insurance primary. 4. If medical expenses still exceed the total available auto insurance and major medical insurance (including, if there is no major medical insurance), the injured party/insured is personally responsible for unpaid amounts. In this situation, the health care provider frequently is willing to work out payment arrangements. Alternatively, the unpaid amounts may be discharged in bankruptcy, but this is a very drastic step and should be avoided if at all possible.
How can you get out of country medical treatments covered on your medical insurance plan?
You can get international travel insurance for only the period of time you will be out of the country. Depending on the amount of days/months you will travel, it may be very affordable to add this type of insurance. A comprehensive travel insurance policy will provide for medical expenses while you travel, and will also offer protection for trip cancellation in certain conditions, as well as lost luggage reimbursement.
What is a lifetime max?
On a healthcare policy, the lifetime max is the absolute most amount of money the insurance company will pay for your medical expenses. For instance, if the lifetime max on your plan says two million dollars, then as soon as the insurance company has paid two million dollars worth of your medical bills, the insurance will stop paying your bills and you will have to pay everything after that.
