How does a health insurance deductible work?

[hiren]

How does a health insurance deductible work?

[shef]

Your deductible is the amount you'll pay out-of-pocket each year before yourinsurance provider begins to cover any medical costs. However, deductibles don't apply to all services…most plans will cover routine doctor visits, prescription drugs, and preventive care before you've met your deductible

[Kanchi]

A deductible is a cost-sharing requirement under a health insurance policy that provides that the insurer will not be liable for a specified rupee amount of the covered expenses. Before the insurer pays the claim amount, the amount of deductible has to be deducted from the bill. It is the liability of policyholder to pay the contracted deductible amount to the hospital.

[Siddhesh P]

A deductible is the amount you as the insured needs to pay from your own pocket, before the insurance company begins to cover the cost.

For e.g. If your policy covers you for 10 lakhs with a deductible of 3 lakhs and your hospital bill is 4 lakhs, then your insurance company will only pay you 1lakh, post you have paid 3 lakhs, which is your deductible.

The insurer is liable to pay the contracted deductible amount to the hospital. Therefore, prior to the insurer paying the claim amount, the deductible amount must be subtracted from the bill.

[Nyra Iyer]

Deductible is the amount you pay for healthcare before your plan benefits take effect. You will have an:

Individual or family deductible, depending on whether or not you have an individual or family plan

In-network and out-of-network deductible—separate deductibles for care received by network providers or out-of-network providers

Your plan may also have a separate prescription drug deductible.