Deductible Amount Law and Legal Definition
The deductible amount is the amount that the insurance policy requires a health insurance plan enrollee to pay for services before benefits begin and they assume liability for all or part of the remaining cost of covered services. It is the amount or period for which the insurance policy will not pay the benefits and such amount will be deducted by the insurance company before calculating the insurance settlement. It is a method to share the cost of health care with the beneficiaries. Information about co-payments or deductibles can be found in the policy and health insurance card. The amount of deductible varies with the type of plan.
Following Research Medical Center v. Safir, 616 S.W.2d 553, 554 (Mo. Ct. App. 1981) deductible amount has been defined as: [The] amount of Covered Charges which the Insured must incur before benefits are payable under this benefit. It is the amount shown in the Application or the amount paid or payable under the Basic Medical Expense Benefits of the Group Policy, if any, or any other hospital, surgical and medical reimbursement insurance or service.