ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Deductible in health insurance is the amount that the policyholder is required to pay before that insurance company starts paying up for the treatment expenses in case of a. Simply put, an insurance company is liable to pay for the claim raised by the insured only when it exceeds the deductible.

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: -A deductible is the amount of money you need to pay before your insurance begins to pay according to the terms of your policy. An out-of-pocket maximum refers to the cap, or limit, on the amount of money you have to pay for covered services per plan year before your insurance covers 100% of the cost of services.

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: -Compulsory Deductible. Voluntary Deductible. Comprehensive Deductible. Non-Comprehensive Deductible. Cumulative Deductible. 02-Feb-2023