MANAGEMENT

Detailed explanation-1: -“A deductible is pre-fixed amount of money that a customer bears either out of pocket or from another health policy, for covered services before the insurance plan starts to pay. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible amount opted by the insured.

Detailed explanation-2: -deductible. 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 set amount of money you pay out of pocket for covered services per plan year before your insurance plan starts to pay. A copay is also a set amount of money, but it’s the fixed fee attached to certain covered services.

Detailed explanation-4: -Co-pay in health insurance is a clause, wherein the insured agrees to bear a specific portion of the incurred medical expenses. It is usually a fixed percentage of the claim amount, which the policyholder pays at the time of a claim.

Detailed explanation-5: -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.