1. Luma Academy
  2. FAQ
  3. This information is for reference only. Please refer to the Policy Wording for Terms and Conditions.

What is a Deductible?

The amount you are required to pay for healthcare services before your insurance starts to pay. For example, if your health insurance plan includes a $1,000 deductible, and the incurred medical expense is $2,000, you pay the first $1,000 out of your own pocket. The rest $1,000 can be covered by your insurance plan. The deductible may not apply to all services.