What is meant by a deductible?

  • by shoeshopper3
  • Jul 25,2018
  • 5 answers

What is meant by a deductible?


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Insurance Answers (5)

Best answer

lucy 2 months ago

If your deductible is $1,000 and the ER bill is $1,000, then you will pay the $1,000 bill to the ER.
Now say (before) you went to the ER, you went to your family doctor for an exam or the flu, and the doctor had you get labs (blood test). So the family doctor bill is $100 and the lab tests are $250, then that would mean you owed $350 (total) for that visit. So with the $350, it (reduces) your deductible, thus at this point you had (left) $650 to meet your deductible.
So then you go to the ER and get a bill for $1,000, and since you had paid $350 for the (prior) doctor visit/labs, then you would owe $650 and then insurance would pay the balance of the $1000 at $350.

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Judy 2 months ago

the part you have to pay

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Greg 2 months ago

Deductibles usually are a fixed amount that you must pay out-of-pocket before insurance pays anything. No, not a percentage.

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babyboomer1001 2 months ago

No, it is not a percentage of anything. It is the annual amount that is owed before the insurance will pay. It is always a fixed amount and it is always clearly outlined in any contract that requires a deductible, such as homeowners and car insurance. You choose the deductible and what you pay monthly will vary depending on the deductible you choose. The higher the deductible, the lower the payments.

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StephenWeinstein 2 months ago

It is the fixed dollar amount that you pay out of your own pocket and is not coverage by insurance. It is not a percentage.

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