What is excess fee in health insurance

An excess amount means you pay a portion of each claim or of your overall claims, with the balance covered by the insurer. There are two types of excess: Inpatient excess and Outpatient excess.

What does excess fee mean?

Many policies include an excess. This is the amount you have to pay if you decide to make a claim on your policy. It's a way of you accepting a small portion of the risk yourself. The amount of the excess is specified in your policy.

What is the excess level in health insurance?

Just like with your car or home insurance, an excess is a contribution you're required to pay towards a Hospital claim you make on your policy. It's paid directly to the hospital when you're admitted for treatment.

What does 500 excess mean?

Insurance excess is a pre-agreed amount of money that you need to pay to your insurance provider in the event of a claim, such as a car accident or a flood at home. In many cases, you'll be asked to pay the excess immediately so that the claim process can begin.

Do you have to pay excess twice?

A car insurance excess is the fixed amount you pay towards a claim. Depending on the circumstances of the incident that led to your claim, you may have to pay more than one excess: your Basic Excess plus any additional excesses that apply.