Judul : What Is A Health Insurance Deductible
link : What Is A Health Insurance Deductible
What Is A Health Insurance Deductible
deductibles are a vital component of any insurancepolicy. but what is a deductible? how does it work? and how does it benefit me?first we need to understand the purpose of an insurance policy. an insurance policy isan agreement between you and the insurance company.you agree to pay a premium for the coverage and protection provided by the policy, andin exchange,the insurance company agrees to
What Is A Health Insurance Deductible, pay for losses covered by the policy suchas fire damage. insurance policies are not meant to coversmall losses or what some call 'maintenance' type losses.they're meant to protect you from the financial devastation that can occur, when you havea large loss involving your home, auto, or
business.that's why insurance policies include a deductible. the deductible is the portion of the lossyou'll be responsible for - the amount you have to cover out of your own pocket when a loss occurs.if you're like most people, you don't have enough money saved up to replace or rebuildlarge assets after an unforeseeable, catastrophic losssuch as losing your home or business and everything inside to a tornado or fire.on the other hand, you could probably afford to pay for a few hundred dollars out-of-pocketto repair minor damages. by avoiding the smaller losses, your insurancecompany can offer you coverage at a lower rate and still protect you from larger, financiallydevastating losses.
another aspect of deductibles that can beconfusing, is when they apply. for medical insurance, you typically 'meet'a certain deductible amount for the year. once met, the deductible no longer appliesfor the rest of the year. with just about every other type of insurance(including auto, home, and business), the deductible applies separately to each claim.let's say heavy winds damage your roof. if the damage is covered by your policy, yourinsurance company will pay for the loss, minus your deductible.if you have a covered fire loss later that same year, your insurance company would onceagain pay for the loss, minus your deductible. the important thing to remember about deductiblesis the higher your deductible, the lower your
insurance premiums.because you are assuming more of the risk yourself, and not relying entirely on theinsurance company to pay for everything, they are willing to sell you your policy forless. ultimately, when deciding which deductibleamount to choose, you have to decide how much you're comfortable paying out of your ownpocket in the event of a loss. ask your local independent agent to help youdecide which deductible option is right for you.
Demikianlah Artikel What Is A Health Insurance Deductible
Anda sekarang membaca artikel What Is A Health Insurance Deductible dengan alamat link https://yanderatjen.blogspot.com/2017/06/what-is-health-insurance-deductible.html
0 Response to "What Is A Health Insurance Deductible"
Posting Komentar