Deductible For Insurance Meaning. The insurance company will pay the claim amount to you or directly to the hospital only when the deductible amount is. Deductible somehow restricts the amount payable by the insurance company but excess does not.
With a $2,000 deductible, for example, you pay the first $2,000 of covered services yourself. Your deductible is the amount you pay for health care out of pocket before your health insurance kicks in and starts covering the costs. Basically the deductible in car insurance which means the amount you need to pay after an accident on your own.