What are some examples of deductibles in insurance?

What are some examples of deductibles in insurance?

Deductibles are the amounts you pay out of pocket before your insurance kicks in. For example, if you have a $500 deductible on your health insurance, you pay the first $500 of your medical bills.

Can you give me more examples for different types of insurance?

Sure! For auto insurance, a common deductible might be $1,000 for collision coverage. For homeowners insurance, it could be a percentage of the home's value, like 1%.

What happens if I don't meet my deductible?

If you don't meet your deductible, you'll have to pay for all your covered expenses out of pocket until you reach that amount.

Are there any strategies to manage deductibles effectively?

Yes! You can consider a health savings account (HSA) to save for medical expenses, or choose a plan with a lower deductible if you expect high medical costs.