Mastering Insurance Deductibles

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Questions and Answers

Which of the following best defines an insurance deductible?

The amount of money the insured person must pay for uncovered expenses
The amount of money the insured person must pay before the insurance policy starts covering expenses (correct)
The amount of money the insurance company must pay for covered expenses
The amount of money the insured person must pay after the insurance policy starts covering expenses

What happens if a medical bill is $2,000 and you have a $1,000 deductible?

You would be responsible for paying the first $1,000 and your insurance would cover the remaining $1,000 (correct)
Your insurance would cover the full $2,000
You would be responsible for paying the full $2,000
Your insurance would cover the first $1,000 and you would be responsible for paying the remaining $1,000

Do all insurance policies have deductibles?

Only health insurance policies have deductibles
Only homeowners insurance policies have deductibles
No, some insurance policies, such as liability insurance, may not have a deductible at all (correct)
Yes, all insurance policies have deductibles

What factors can affect the amount of an insurance deductible?

The type of insurance policy, the level of coverage, and other factors (A) Signup and view all the answers

What can understanding the insurance deductible help consumers with?

Making informed decisions when purchasing insurance and filing claims (C) Signup and view all the answers

What is an explanation of benefits (EOB)?

A document that breaks down how your insurance processed a claim for the services you received (A) Signup and view all the answers

Why is it important to save your EOB?

It helps you understand how your bill is broken down between the medical service provider(s), your insurance, and you (B) Signup and view all the answers