BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A health insurance deductible is the proportion of the medical/hospitalisation expenses that you have to pay out of your pocket before you can make an insurance claim. The insurance company will pay the claim amount to you or directly to the hospital only when the deductible amount is paid.

Detailed explanation-2: -The amount you pay for covered health care services before your insurance plan starts to pay. With a $2, 000 deductible, for example, you pay the first $2, 000 of covered services yourself.

Detailed explanation-3: -Does your deductible contribute to your out-of-pocket maximum? Yes! As you contribute toward your deductible, you’re also contributing toward your annual out-of-pocket limit.

Detailed explanation-4: -Deductibles serve a dual purpose: they save the insurance company money (including the administrative cost of processing small claims) and may help keep your premium costs lower.

Detailed explanation-5: -Your expenses for medical care that aren’t reimbursed by insurance. Out-of-pocket costs include deductibles, coinsurance, and copayments for covered services plus all costs for services that aren’t covered.