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typically contains a deductible that must be satisfied before any benefits are paid |
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deductibles in policies sold today are much higher than |
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policies sold in previous years |
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purpose is to eliminate small claims and the high administrative cost of processing small claims - by eliminating small claims, insures can provide high limits and still keep the premiums reasonable |
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most major medical policies have what kind of deductibles? |
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an aggregate deductible that has to be satisfied only once during the calendar year |
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all covered medical expenses incurred by the insured during the caleb year can be applied toward the deductible w/ a |
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w/ a calendar year deductible, once the deductible is met, no additional deductible has to be satisfied during the |
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to avoid paying two deductibles in a short time, most plans have a |
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means that unreimbursed medical expenses incurred during the last three months of the calendar year and applied to that year's deductible |
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if the plan is a family plan, the deductible applies to each |
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w/ a family plan, after a certain number of family members satisfy their individual deductibles, the deductible is waived for the remaining |
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a provision that means only one deductible has to be satisfied if two or more family members are injured in a common accident, such as an auto accident |
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common accident provision |
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