Florida Health Insurance Presents: What Is A Deductible And When Does It Apply?
In an insurance policy, the deductible or excess is the portion of any claim that is not covered by the insurance provider. It is normally quoted as a fixed amount and is a part of most policies covering losses to the policyholder. The deductible must be "met", that is, paid by the insured, before the benefits of the policy can apply.
In a typical automobile insurance policy, a deductible will apply to claims arising from health related sickness. Third-party liability coverage generally has no deductible, since the third party will likely attempt to recover any loss, however small, for which the policyholder is liable.
Most health insurance policies and some travel insurance policies have deductibles as well. Typically, a general rule is: the higher the deductible, the lower the premium, and vice versa. The type of health insurance deductibles can also vary, as individual amounts and family amounts. Major medical insurance policies are known for often having a deductible, which does not cover the cost of routine visits (e.g., to a doctor's office or specialist).
A deductible is the amount each employee must pay each year before Provider begins to pay for services. Employees can check the member ID card for the deductible amount. There is a higher deductible for using nonpreferred providers. The deductible is sometimes waived for the prescription drug plan and, to some extent, for preventive health services.
For more information on this topic or for other Florida Health Insurance information please visit us online or call toll free.
Lee Simanoff 866-755-9009 http://www.floridahealthinsurancecorp.com
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