What is a deductible?

Question

What is a deductible?

Answer 1

A deductible is your portion of payment when a loss occurs or a claim is filed.  It has to be met first, before the insurance company will pay out.  

Answer 2

The amount of your bill you are responsibel for before insurance will pay.  So if your deductible is $250 and you have a bill for $200 you have to pay that out of pocket.  But if you have a bill for $300 insurance will pay $50 of it.  WIth medical insurance for the year once your deductible is met for the year you do not have to keep paying the $250 deductible.  You are only responsible for the deductible once in a calnedar year.  Though is there is a particular doctor who knows you will and ou see often they can waive the deductible and eat it on their end.  WIth car insurance it is different...for each incident $250 is how much you are responsible for before they pay and you have to pay that deductible for each incident.

Answer 3

A deductible is your portion of payment when a loss occurs or a claim is filed. It has to be met first, before the insurance company will pay out.