What does an 'elimination period deductible' in health insurance signify?

An 'elimination period deductible' in health insurance signifies a waiting period before coverage begins, specifically for certain types of insurance policies such as disability insurance or long-term care insurance. During this period, the insured individual must wait a specified amount of time after the onset of a covered event, like illness or injury, before the insurance benefits become payable.

This concept is crucial because it helps insurance companies manage risk and costs associated with claims. As a result, the elimination period often affects the premium cost of the policy; generally, a longer elimination period can lead to lower premiums.

Other aspects such as time limits on policy renewals, costs added after a certain period, or limits on the duration of claims do not pertain to the elimination period deductible. These are separate features or considerations within health insurance that address different aspects of coverage, renewal, or claims handling.