What are deductibles and premiums in insurance?
An example of an AI chatbot conversation about understanding deductibles and premiums in insurance.
What are deductibles and premiums in insurance?
Deductibles are the amount you pay out of pocket before your insurance kicks in, while premiums are the regular payments you make for coverage.
Can you give me an example of how they work together?
Sure! If you have a $500 deductible and a $100 monthly premium, you pay the premium every month, but you must pay the first $500 of any claim before insurance covers the rest.
What happens if I don't meet my deductible?
If you don't meet your deductible, you'll have to pay for all your medical expenses out of pocket until you reach that amount.
Are there different types of deductibles?
Yes, there are individual deductibles, family deductibles, and specific deductibles for certain services, like prescriptions.
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