Corridor deductible

Corridor deductible,

Definition of Corridor deductible:

  1. Corridor deductibles bridge the gap between policies that reach the aggregate limit of coverage and any additional coverage that may be in effect.

  2. A medical stipulation that makes a deductible, called a corridor, available. The corridor exists after payment of hospital and medical costs up to a certain amount, and before more expenses are shared through coinsurance.

  3. A corridor deductible is expenses paid by the insured in excess of an insurance policy’s coverage limit, but below the threshold at which additional coverage options are available. .

How to use Corridor deductible in a sentence?

  1. Corridor deductibles are most often used in conjunction with medical insurance.
  2. Basic policy benefits are paid before corridor deductibles.
  3. A corridor deductible applies in situations where a supplemental major medical insurance policy is in effect.
  4. The corridor deductible is usually a fixed dollar amount per loss and applies in the transitional area between basic coverage and major medical expense coverage.
  5. A supplemental policy is likely to include a stop-loss limit and a maximum lifetime benefit limit.

Meaning of Corridor deductible & Corridor deductible Definition