MANAGEMENT

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. 50, 000.

Detailed explanation-2: -EXAMPLE: If your deductible is $2, 000, your insurance won’t pay for anything until you have paid $2, 000 for covered health care services. If you require a medical service that costs $3, 000, you will pay the $2, 000 deductible, and the plan will cover the remainder or a portion of the remaining $1, 000.

Detailed explanation-3: -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. After you pay your deductible, you usually pay only a. copayment.

Detailed explanation-4: -An insurance deductible is an amount you pay before your insurer picks up its share of an insured loss. The amount you’ll owe will differ from plan to plan. You’ll pay one deductible per claim, but each time you make a claim during a term, you will have to pay it again until you reach your limit.

Detailed explanation-5: -Let’s say you’re in a covered car accident. Your deductible would be the amount of money you pay out-of-pocket before your policy kicks in. But, every policy type only covers up to a certain amount. This is called a limit.