What does family aggregate mean?
Asked by: Marianna Lind | Last update: February 11, 2022Score: 4.4/5 (12 votes)
With an aggregate family deductible, the health plan doesn't begin paying for the post-deductible healthcare expenses of anyone in the family until the entire family deductible has been met. Once the aggregate family deductible has been met, health insurance coverage kicks in for the entire family.
What does family aggregate deductible mean?
An aggregate deductible means that the entire family deductible must be paid out of pocket before the company pays for services for one family member. ... The popularity of the aggregate deductible policy feature is because it puts a cap on the amount of money that the insured has to pay.
What is aggregate claim?
An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year. Insurance policies typically set caps on both individual claims and the aggregate of claims.
What does aggregate mean in insurance?
For various types of insurance, an aggregate limit is the maximum amount of money an insurer will pay for all your covered losses during the policy period, typically one year.
What is the difference between aggregate and stacked deductible?
Stacked deductible - Plan pays for an individual once the individual deductible is met, even on a two-person or family plan. Aggregate deductible - Full single or entire family deductible must be satisfied before benefits are paid.
What is FAMILY AGGREGATION? What does FAMILY AGGREGATION mean? FAMILY AGGREGATION meaning
What does aggregate mean in healthcare?
[ag´rĕ-gat] individuals, families, or other groupings who are associated because of similar social, personal, health care, or other needs or interests.
What does aggregate mean in medical terms?
1. massing or clumping of materials together. 2. a clumped mass of material. familial aggregation the occurrence of more cases of a given disorder in close relatives of a person with the disorder than in control families.
What is in the aggregate mean?
Aggregate is commonly employed in the phrase "in the aggregate," which means "considered as a whole." Aggregate also has some specialized senses. For example, it is used to describe a mass of minerals formed into a rock, and materials like sand or gravel that are used to form concrete, mortar, or plaster.
What is the difference between per claim and aggregate?
Per-occurrence limits and aggregate limits both define maximum payouts, but they do so in different settings. Per-occurrence limits define how much a policy will pay for any one incident or claim. Aggregate limits define how much a policy will pay over the policy's duration.
What is the difference between general liability and general aggregate?
What Is the Difference Between General Liability and General Aggregate? General liability describes the type of insurance policy you have. Your general aggregate is the maximum limit of coverage supplied by your general liability policy within the term.
What is an example of an aggregate?
An aggregate is a collection of people who happen to be at the same place at the same time but who have no other connection to one another. Example: The people gathered in a restaurant on a particular evening are an example of an aggregate, not a group.
What is an aggregate amount?
adjective [ADJ n] An aggregate amount or score is made up of several smaller amounts or scores added together. The rate of growth of GNP will depend upon the rate of growth of aggregate demand. Synonyms: collective, added, mixed, combined More Synonyms of aggregate.
What does general aggregate mean?
The general aggregate is the maximum amount of money a liability insurance policy will pay in a given policy term. Unlike a per-occurrence limit, which limits the amount per claim, a general aggregate limit can be exhausted through either two claims, fifty claims, or anywhere in between.
Can one family member meet the family deductible?
Each family member has an individual deductible. ... All individual deductibles funnel into the family deductible. The family deductible can be reached without any members on a family plan meeting their individual deductible.
What is aggregate deductible option in health insurance?
Deductible, in health insurance, is the amount which you agree to pay for your medical expenses before your insurance company pays for the same.
Is aggregate or embedded deductible better?
If you have one person that incurs a significant amount of medical expenses, an embedded deductible will probably be best. On the other hand, if you have two or more people incurring a moderate amount of medical expenses, an aggregate approach would probably be more beneficial.
What does any one claim and in the aggregate mean?
What's the difference between an 'any one claim' and an 'aggregate' policy? ... An 'any one claim' policy provides cover up to the full limit for each individual claim made in the period of insurance, whereas an 'aggregate' policy provides cover up to the full limit for all claims made in the period of insurance.
What does 2000000 aggregate mean?
A small construction company may have a general liability policy with an aggregate limit of $2,000,000. ... The construction company owner above may have a $2,000,000 aggregate limit with a $1,000,000 per occurrence limit, which means his insurance company will only pay up to $1,000,000 for the damaged home.
What is an aggregate threshold?
An aggregate threshold places collective control over elements of work in a database. The boundary that you define using an aggregate threshold operates as a running total, to which any work tracked by the threshold contributes.
What does living in the aggregate mean?
phrase. If a number of different things or amounts are considered in aggregate, or in the aggregate, they are considered as a single thing or amount. [formal]
What is a social aggregate?
A social aggregate is a collection of people who are in the same place at the same time but who otherwise have nothing else in common. A crowd at a sporting event and the audience at a movie or play are examples of social aggregates.
Does aggregate mean sum?
formed by the conjunction or collection of particulars into a whole mass or sum; total; combined: the aggregate amount of indebtedness. Botany. (of a flower) formed of florets collected in a dense cluster but not cohering, as the daisy.
What is your aggregate?
Aggregate is a useful way to track the total number of anything you decide you want your group to be. ... Add together all the numbers in the group. In the example, 45 plus 30 plus 10 equals an aggregate score of 95.
What are aggregate payments?
Aggregate Payments means, with respect to a Contributing Guarantor as of any date of determination, the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty and the Related Guaranties (including, without limitation, in respect of this ...
What is aggregate used for?
Aggregates are the most basic material used in construction. They provide the foundation for roads, bridges, and buildings, while also making up over 90% of an asphalt pavement and up to 80% of a concrete mix. On average, 38,000 tons of aggregates are necessary to construct one lane mile of interstate highway.