What is a deductible? Is it calculated per disability or on a policy year basis?

  • Updated

A deductible (or excess) is the amount the insured person needs to pay by himself/herself in the event of a claim before Bowtie makes compensation for him/her. We would cover any remaining medical expenses according to the benefit limits in the policy.

πŸ” Case study
If the insured person has a Bowtie Pink plan with a $20,000 deductible and the total medical expenses are $70,000, we will cover $50,000
Total medical expenses – Deductible = Coverage
$70,000 – $20,000 = $50,000

Deductibles are calculated on a policy year basis. Only after the annual deductible has been fully consumed, the remaining eligible expenses will be reimbursed within the policy year. The deductible shall be reinstated on a policy year basis.