Definition of Corridor deductible:
Corridor deductibles bridge the gap between policies that reach the aggregate limit of coverage and any additional coverage that may be in effect.
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.
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?
- Corridor deductibles are most often used in conjunction with medical insurance.
- Basic policy benefits are paid before corridor deductibles.
- A corridor deductible applies in situations where a supplemental major medical insurance policy is in effect.
- 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.
- A supplemental policy is likely to include a stop-loss limit and a maximum lifetime benefit limit.
Meaning of Corridor deductible & Corridor deductible Definition