ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The word ‘Deductible’ is closely associated with insurance and it is the amount of money that you must pay before the insurer begins to cover the rest of the claim amount. How it works: If your insurance plan’s deductible is Rs. 50, 000, you will pay 100% of the eligible expenses until the bills total Rs.

Detailed explanation-2: -A deductible is the amount you pay for health care services before your health insurance begins to pay. How it works: If your plan’s deductible is $1, 500, you’ll pay 100 percent of eligible health care expenses until the bills total $1, 500. After that, you share the cost with your plan by paying coinsurance.

Detailed explanation-3: -Deductibles is a fixed sum of money that policyholders are required to pay before their insurance policy starts contributing to their medical treatment.

Detailed explanation-4: -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.

Detailed explanation-5: -Deductible-The amount the insured must pay in a loss before any payment is due from the company.