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?

    <p>The type of insurance policy, the level of coverage, and other factors</p> Signup and view all the answers

    What can understanding the insurance deductible help consumers with?

    <p>Making informed decisions when purchasing insurance and filing claims</p> Signup and view all the answers

    What is an explanation of benefits (EOB)?

    <p>A document that breaks down how your insurance processed a claim for the services you received</p> Signup and view all the answers

    Why is it important to save your EOB?

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

    What should you have available when speaking with the healthcare provider about your bill?

    <p>Your EOB</p> Signup and view all the answers

    What does an EOB show?

    <p>How your insurance processed the claim for the services you received</p> Signup and view all the answers

    What is the purpose of an EOB?

    <p>To explain how your insurance processed the claim for the services you received</p> Signup and view all the answers

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