deductible definition
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- What is a 'Deductible'. A deductible is the amount of money an individual pays for expenses before his insurance plan starts to pay. The word deductible can also work as an adjective to describe the tax-deductible expenses that can deducted from someone's adjusted gross income to reduce his taxable income and his tax liability. Next Up.
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How do deductibles, coinsurance and copays work? Deductible A deductible is the amount you pay for health care services before your health insurance begins to pay. How it works: If your plan’s deductible is $1,500, you’ll pay 100 percent of eligible health care expenses until the bills total $1,500. After that, you share the cost with your plan by paying coinsurance.
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- How a Deductible Works for Health Insurance. October 6, 2014. Many health plans require you to meet a deductible before starting to help with medical bills. A deductible is a dollar amount your health insurer may require you to pay out-of-pocket each year, before your health plan begins to pay for covered medical expenses.
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Glossary (also known as a Deductible Period or Benefit Waiting Period) Specified amount of time at the beginning of a disability during which you receive covered services, but the policy does not pay benefits. A Service Day Deductible Period is satisfied by each day of the period on which you receive covered services.
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DEFINITION of 'Above The Line Deduction' Standard Deduction A base amount of income that is not subject to tax and that can ... Deductible 1. The amount you have to pay out-of-pocket for expenses before ... Tax Deductible Interest A borrowing expense that a taxpayer can claim on a federal or ...
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- In an insurance policy, the deductible is the amount that must be paid out of pocket by the policy holder before an insurance provider will pay any expenses.[1] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.
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Health Insurance Deductible: What It Is and How It Works Your deductible is a fixed amount you have to pay each year toward the cost of your health care bills before your health insurance coverage kicks in fully and begins to pay (if you're enrolled in Medicare, the Part A deductible is based on benefit periods rather than the calendar year).
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What does a deductible mean? A Dr. Michael Roizen, MD, Internal Medicine, answered. Your health insurance deductible is the amount of money you need to cough up before your insurance company starts covering their share of the bill or reducing your co-pays. Some have separate deductibles for health care and prescriptions.
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The Cost of Insurance A health insurance deductible is a specified amount or capped limit you must pay first before your insurance will begin paying your medical costs. For example, if you have a $1000 deductible, you must first pay $1000 out of your pocket before your insurance will cover any of the expenses from a medical visit.
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Differences Between a Deductible and Coinsurance A deductible is a fixed amount you pay each year before your health insurance kicks in fully (in the case of Medicare Part A—for inpatient care—the deductible applies to benefit periods rather than the year).
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Making Sense of Premiums and Deductibles A deductible is the fixed amount of medical costs you are responsible for paying before your insurance coverage starts picking up the bill. For example, if the total bill for a simple surgery were $5,000, you might have to pay the first $500 before your insurance company pays the remaining $4,500.
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Deductible For tax deductible, see tax deduction. In an insurance policy, the deductible is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses.In general usage, the term deductible may be used to describe one of several types of clauses (see below) that are used by insurance companies as a threshold for policy payments.or example, a single housing insurance policy may contain multiple deductible amounts for loss or damage arising from theft, fire, natural calamities, evacuation etc. There are also deductible reimbursement programs that reimburse a deductible in the event of an automobile, home, boat/yacht or health insurance claim.
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- 1 Deductible – The amount you pay for medical services or prescriptions before your insurance plan pays for your benefits. 2  For example, if your deductible is $1,500, you pay all costs of your medical care until you reach that amount.
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Deductible For tax deductible, see tax deduction. In an insurance policy, the deductible is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses. In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.
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- How a Deductible Works for Health Insurance. Many health plans require you to meet a deductible before starting to help with medical bills. A deductible is a dollar amount your health insurer may require you to pay out-of-pocket each year, before your health plan begins to pay for covered medical expenses. eHealth research from February 13, 2015 found the most popular metal tier for unsubsidized shoppers was a bronze-level health plan.
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- A hurricane deductible is a percentage of the insurance coverage on the dwelling or a dollar deductible higher than those for other causes of loss. By Florida law, the hurricane deductible provision is triggered by windstorm losses resulting from a storm system declared to be a hurricane by the National Hurricane Center.
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Rheumatoid Arthritis Disease Progression and Symptoms: An Overview Small Joint Inflammation: Symptoms in the Fingers, Wrists, Toes, and Ankles For more than half of RA patients, the first symptoms will occur in one or more of the small joints of the fingers (the base and middle fingers), the wrists, the toes (commonly at the base), or the ankles.
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deductible 2. 1  a. A clause in an insurance policy that exempts the insurer from paying an initial specified amount in the event that the insured sustains a loss or must pay for services otherwise covered under the policy. 2  b. The specified amount that must be paid by the holder of such a policy.
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Property Insurance Deductibles Updated October 26, 2016. A deductible is a portion of a loss that is borne by the policyholder. Deductibles are common in property insurance. Most commercial property policies include at least one deductible.
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Understanding Car Insurance Deductibles When you purchase car insurance, one of the decisions you will need to make is on the amount of your deductible. But what is a deductible? A car insurance deductible is the amount of money you have to pay toward repairs before your insurance covers the rest.. For example, if you’re in an accident that causes $3,000 worth of damage to your car and your deductible is $500, you will only have to pay $500 toward the repair. The insurance company pays the remaining $2,500. For many people, increasing the amount of their deductible is also a great way to save money. That’s because when you choose a higher car insurance deductible amount,, it could lower the amount you pay on your insurance premium. However, it’s important to choose a deductible that you can afford.
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What does deductible really mean? Yes, that is what it means. If there is a $1000 deductible, it means you pay the first $1000 of health care expenses out of your own pocket. After you've paid $1000 out of pocket, the insurance starts paying their percentage of the costs. Some insurance programs have exceptions to the deductible.
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What does deductible really mean? Yes. The deductible is the amount that YOU must pay before the policy kicks in. However, often times there are types of care that are NOT subject to the deductible, and instead require a co-pay. For example: You may have a policy with a $1000 deductible, but a $20 co-pay for a doc visit or prescription.
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Deductible contribution Deductible Contribution. A contribution that one may place into an IRA, 401(k), or other retirement plan each year that can reduce one's taxable income by the same amount. That is, the deductible contribution is the portion of one's retirement contribution that is tax deductible. The IRS generally sets the limits on deductible contributions.
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What is the Difference Between Coinsurance, Copay, Deductible? The deductible is the dollar amount you must pay for health care before your health plan’s benefits kick in. When purchasing coverage, you select the deductible amount you wish to pay; for instance, $2,500, $5,000, $7,500 or $10,000. Your monthly premium does not contribute toward this amount.
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What is 'Corridor Deductible' DEFINITION of 'Corridor Deductible'. Expenses that are paid by the insured in excess of an insurance policy’s coverage limit, but below the threshold at which additional coverage options are available. Corridor deductibles are most commonly found in health and medical insurance plans, specifically those that have co-insurance features.
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How a Deductible Works for Health Insurance A deductible is a specific dollar amount your health insurance plan may require you to pay out of pocket toward covered medical care each year, before your health plan begins to pay for covered medical expenses. Your annual deductible can vary significantly from one health insurance plan to another. Plans with higher metal levels (such as “gold” or “platinum” plans) tend to have lower annual deductible but higher monthly premiums. Plans assigned lower metal levels (like “bronze” plans) tend to have lower monthly premiums but higher annual deductibles.