0
WHAT DOES IT MEAN WHEN INSURANCE COMPANY MAKES FULL PAYMENT MINUS A PATIENTS DEDUCTIBLE?
Wiki User
∙ 9y ago
You will need to read the policy for an accurate answer. However a deductible is usually The amount that the insured must pay out-of-pocket before the health insurer pays its share. The equivalent on a motor insurance policy would be the "excess".
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
How does home owners deductible insurance work?
I assume you mean how does the deductible work. When you file a claim on any insurance, the insurance company will take out the deductible before it issues the payment to you. In many states the banks are protected and the check has to be made out to you and the mortgagee company.
What is a deductible?
A deductible is the amount that you must pay out of pocket before the insurance company will start making payment.
Is it insurance fraud if you pay someone's deductible?
Yes in some states it is considered fraud and illegal. Texas is one state. As a contractor if I turn in a final bill to an insurance company and it states that I paid the homeowners deductible, portion of deductible or gave them a sign allowance for putting a sign in their yard ( this is thought of as a clever way to hide the payment of the deductible), the insurance company will reduce the final payment by that amount. If you leave it off of the invoice it does not honestly show the expenses.
What if you don't have the deductible for your car insurance. What can be done?
The insurer can issue payment minus your deductible.
Do you pay the doctor in full payment until the deductible is met?
That depends on the terms of your insurance.
What does the term co-insurance mean on health insurance policies?
In health policies co-insurance is a percentage of covered expenses that insured is required to pay in addition to co-payment and deductible For example if you have an 80/20 plan, the insurance company pays 80% for covered services after you've met your deductible. You pay the remaining 20%, up to your out-of-pocket maximum.
How is deductible met?
When the insured/beneficiary (patient) pays the total deductible amount out of his own pocket. A deductible is the amount for which the patient is financially responsible before an insurance policy provides payment.
What does it mean the insurance company makes a full payment minus a patient deductible?
When one buys an insurance policy, one of the choices that is made is the amount of the deductible. A deductible is the amount of money that the insured elects to pay toward a covered loss. Stated otherwise, the insured is "self-insuring" for the amount of the deductible, such that the insurer's obligation to pay is not triggered until the deductible is met. One it is, the insurer pays the amount of the remaining covered loss. The insurer's actual payment may also be subject to certain exclusions (things not covered) or limitations (payment is made only to a stated amount, even if actual charges exceed that amount). In the realm of health insurance, co-payments are also common. A co-payment is the percentage of the covered charge for which the insured remains responsible. An example would be that the insurer is responsible for the payment of 80% of the charge, and the insured is responsible for the remaining 20% in addition to the deductible. In general, premiums are lower for health insurance that carries a higher deductible and co-payment, because the insurer bears proportionately less risk for a covered occurrence.
What does it mean when the insurance company makes full payment minus patient deductible?
Patient deductible means the expenses incurred by the patient party are inadmissble as per policy and hence deducted from the total claim amount at the time of settlement of claim. These may include room rent over and above the admissible rent, service tax, aya charges,refreshment to patients' attendants etc.
Is Geico motorcycle insurance affordable?
Geico can make the plan affordable for you. It all depends on what kind of coverage you want and the deductible that you are willing to pay. As with all insurance the higher the deductible the cheaper the monthly payment will be.
If you said you would take cash but later changed your mind and called your insurance company can you be penalized for the verbal agreement?
Not if you haven't already accepted the payment. Your policy most likely states that if you 'accept' payment from a tortfeasor then you waive the right to recovery from your own policy. Also, if you have accepted payment but the amount you have accepted is less than the deductible under your own policy, your insurance company may still allow you to file under your own policy. The company will then pursue the tortfeasor or their insurance company for the remaining amount of the damage.
Will your insurance pay for a child who hit your car with a dirt bike Will you have to pay a deductible or will his parents need to do that?
If you have collision coverage you can receive payment for the damages minus your deductible, your company then should go to the child's parents for repayment (subrogating them), including your deductible. The parents are ultimately responsible, and can file the claim with their homeowner/renters policy. However, I would suspect an exclusion for any land motor vehicle. Beware, if you have the parents pay just the deductible, and your carrier pays under your collision coverage, them simply paying your deductible does not free them from paying your insurance company the rest of the damage.
