What is an insurance deductible?

Insurance deductibles are amounts paid out-of-pocket for services covered by insurance. In Oregon, insurance deductibles are set amounts that must be paid before the insurance policy will begin to cover the costs of services rendered to the insured. In other words, the deductible is a limit set by the policyholder and their insurance company that must be met before the insurance kicks in. In Oregon, the amount of the deductible can vary depending on the type of insurance plan. For example, some medical insurance plans have a deductible of $500 per person, while some health insurance plans have a deductible of $3,000 or more. In some cases, the policyholder may be able to choose their own deductible amount. Having a deductible on an insurance plan is beneficial because it can help lower the monthly premiums of the policy. Deductibles also offer the policyholder financial protection from costly medical bills. Overall, an insurance deductible is an amount that must be paid out-of-pocket before an insurance policy will begin to cover the costs of services rendered. The deductible amount varies depending on the type of insurance plan and the policyholder may be able to choose their own deductible amount.

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What is an insurance deductible?

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