What is a carry-over provision?
The Bankrate.com financial term of the day is: "carry-over provision."
Your health insurance may have a deductible that you have to fork over out of your own pocket each year before your plan will begin to pay for your medical care. Let's say you've had a healthy year but fall and break your leg in December and are forced to pay your deductible. Then, let's say in January you come down with a serious case of the flu that requires treatment. Wouldn't it be rotten if you had to pay the deductible all over again? You'd be protected under the carry-over provision in some health plans. It allows expenses incurred during the last three months of the year to be applied toward the following year's deductible.
If your health insurance has a carry-over provision, you can push medical expenses from October, November and December into next year to keep your out-of-pocket costs down.
To get an insurance quote, visit the Insurance section at Bankrate.com.
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