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Additional Details
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Jeni | Can someone explain what a deductable is? |
I've always been under my dad's insurance because I was a full time student. I just started a full time job, and I recently got my own insurance. I was just wondering if someone could explain deductables to me.
Thanks in advance! |
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Lisa S
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Sure - if you have a $500 deductible it basically means you have to pay $500 out of your own pocket before your insurance will pay anything. |
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MSAD
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In health insurance - the deductible is the amount of medical bills you have to pay before the insurance kicks in to start paying.
This means - when you go to the dr - even if you have not met your deductible yet, that its important that your dr bill the health insurance company. Your health insurance will track the bills submitted and once you reach the deductible amount - the health insurance will pick up.
A lot of health plans are something like an 80/20.
This means - that once your deductible is met and the health insurance kicks in to pay - the health insurance will pay 80% of the allowable charge and your share will be 20% of the allowable charge.
It is really important to make sure that you go to doctors/facilities that are in your network. Your employer should have given you a book that shows what dr's are "in network". If you don't have that - usually your health insurance has a web site where you can check.
You never want to assume a dr is "in network" because you could get stuck paying a very big bill.
Also - if you have questions about your health plan - you can often call your Human Resources department. I've had to call mine several times this year to get clarification on how my health plan does things. |
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amust2407
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I'm assuming your taking about your health insurance and not auto or property insurance.
Your health insurance deductible is the amount you'll have to pay out of your pocket before the health insurance company will provide you ANY benefits. So....if you have a $300 deductible.....you'll pay for your first $300 of doctor visits, prescriptions, etc. and THEN your insurance company will start paying. But remember, even after you meet your deductible, you will still be responsible for any co-pays. i.e. $20 office visit co-pay or 20% prescription co-pay. |
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bonniejac17
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A deductable is something that you would pay if you were to get into an accident. |
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carolcathey
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It is the amount of money you agree to pay FIRST, before your insurance will even 'consider' paying the balance of the event.
Your parents are being relieved of the 'higher deductible' for a 'young person' on their policy. If you got your own coverage, you have to pay the DEDUCTIBLE amount before the insurance will kick in.
It sucks, doesn't it? |
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wolfe0312
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deductables is the amount that you would be responsible for in case of a claim example you have and accident with damage of $2000 and a $500 deductible. that means the insurance is only going to pay $1500 also the higher the deductible the lower the preimum. hope this helps a little, talk to your agent |
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