ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The amount of money you must pay each year before the insurance company pays anything
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A type of medical savings account
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A type of policy in which you save for emergencies
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A shared expense between the insured and the employer
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Detailed explanation-1: -Simply put, a deductible in health insurance is the amount you must pay out of pocket for medical care before the insurance company begins to cover the costs.
Detailed explanation-2: -Deductible is the amount that a policy holder has to pay before the insurance company starts paying up. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible.
Detailed explanation-3: -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-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: -A health insurance deductible is the amount you pay before your insurance kicks in. For example, if you have a $1000 deductible, and you need a $1000 MRI procedure and a $2000 surgery, you will pay $1000 out-of-pocket for the MRI, and then $0 for the surgery.