MANAGEMENT

Detailed explanation-1: -Deductibles is a fixed sum of money that policyholders are required to pay before their insurance policy starts contributing to their medical treatment. The term for paying deductibles is decided by the insurance provider-whether it is per year or per treatment.

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: -In some instances, insurance companies subtract or deduct – hence the term deductible – the amount from the insured loss before paying out up to the limits of the policy. You can check out the meaning of common insurance industry terms in our jargon buster.

Detailed explanation-4: -A deductible is the amount you pay for coverage services before your health plan kicks in. After you meet your deductible, you pay a percentage of health care expenses known as coinsurance.

Detailed explanation-5: -There are two types of deductibles that are available in India on a health insurance plan, these are compulsory and voluntary deductible. In international markets, there are a few more which are also mentioned below. Compulsory Deductible: These deductibles are mandatory and are governed by the insurer.