What Does "Excess" Mean in Health Insurance?

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When you talk about health insurance there is a lot of different words that you hear thrown around. Find out exactly what "excess" means in health insurance with help from an expert at Combs & Company in this free video clip.

Part of the Video Series: Insurance Questions Answered
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Video Transcript

Hi, my name is Susan Combs, and today we're going to talk about what does excess mean in terms of health insurance. When you talk about health insurance there is a lot of different words that you hear thrown around. You hear things like co-pays, you hear things like coinsurance, maximum out of pocket, pre-authorization, not authorized and then you also hear sometimes people talk about excess. Excess, another word for this is deductible. So what a deductible is is when you actually have to pay out an amount before the coverage kicks in. So the really important thing to know about with this is how your health insurance plan works because you could have a high deductible plan, meaning that you have to pay the deductible before anything is covered or you can have a deductible that just is associated with certain parts of your coverage. So for example, you could have just a deductible associated with hospitalization or associated with prescription drugs. So the important thing is to talk to your broker or to talk to your HR person if you are an employee and see exactly how your health insurance plan works and then when you are looking at the deductible you really need to be knowledgeable in knowing what that amount is and if you are going to be comfortable being able to pay that out before you have services.

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