An excess (also known as a deductible) is an amount the policy holder must pay if they proceed with making an insurance claim on their insurance policy. It's the first amount payable by the policy holder in the event of a loss and is referred to as the uninsured portion of the loss.
What is deductible excess in insurance Netherlands?
The deductible, or excess (Dutch: eigen risico) is an obligatory amount that you must pay when for healthcare before your health insurer starts to reimburse for healthcare you have received. It applies to care received within the basic package.
What does it mean when you have a $1000 deductible?
A health insurance deductible is the amount you pay before your insurance kicks in. For example, if you have a $1000 deductible, and you need a $1000 MRI procedure and a $2000 surgery, you will pay $1000 out-of-pocket for the MRI, and then $0 for the surgery.
Is a higher deductible better or worse?
A deductible is the amount you pay for health care services each year before your health insurance begins to pay. In most cases, the higher a plan's deductible, the lower the premium. When you're willing to pay more up front when you need care, you save on what you pay each month.
What is the purpose of deductible clause in insurance policy?
An insurance deductible is a specific amount you must spend before your insurance policy pays for some or all of your claims. Insurance companies use deductibles to ensure policyholders have skin in the game and will share the cost of any claims.
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