What are deductible claims and how do they work?

What are deductible claims and how do they work?

Deductible claims refer to the amount you must pay out-of-pocket before your insurance covers the rest. For example, if you have a $500 deductible, you pay that amount first for covered services.

Can you give me an example of how a deductible works in a real-life situation?

Sure! If you have a health insurance plan with a $1,000 deductible and you incur a $3,000 medical bill, you would pay the first $1,000. After that, your insurance would cover a percentage of the remaining $2,000, depending on your plan.

What happens if I don't meet my deductible?

If you don't meet your deductible, you'll be responsible for the full cost of your medical expenses until you reach that amount. After that, your insurance will start to pay its share.

Are there any services that don't require me to meet my deductible?

Yes, some services like preventive care often don't require you to meet your deductible. This means you can receive certain check-ups or vaccinations without any out-of-pocket costs.