Health Insurance Terms | Deductible
On a regular basis I will work to define terms and concepts used in the field of Insurance that could be of help to people trying to provide risk protection. By risk protection for people, I am speaking of Health, Life, Disability and other coverage of insurance.
I will start with the basic terms needed to look at Health Insurance.
Deductible – the dollar amount an insured individual must pay for covered expenses during a calendar year before the plan begins paying claims (if a 100% plan) or co-insurance benefits.
The Deductible is generally the first item that people ask about in Health Insurance. What is the Plan Deductible?