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Deductible |
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Deductible An amount or period which must be deducted before an insurance payout or settlement is calculated. Deductible. A deductible is the dollar amount you must pay for healthcare, damage to your property, or any other insurable claim before your insurance company begins to cover the cost of the bill. For example, if you have a health insurance policy with an annual $300 deductible, you have to spend $300 of your own money before your insurer will pay whatever portion of the rest of the year's bills it has agreed to cover. However, in some types of policies, the deductible is per event, not per year. Generally speaking, the higher the deductible you agree to pay, the lower your insurance premiums tend to be. However, the deductible for certain coverage is fixed by the insurance provider. That's the case with Original Medicare. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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For one thing, high deductibles make it more difficult for people to get needed care. Consumer-directed health savings accounts, whose lower premiums and higher deductibles appeal to employers and the young and healthy, are expected to grow rapidly over the next two years after a slow start. But many feel in order for them to catch on, companies will have to use some of those savings to offset employee deductibles. |
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