What is the difference between premium and deductible in insurance?
An example of an AI chatbot conversation about insurance premiums and deductibles.
What is the difference between premium and deductible in insurance?
The premium is the amount you pay for your insurance policy, while the deductible is the amount you pay out of pocket before your insurance kicks in.
Can you give me an example of how they work together?
Sure! If your premium is $200 a month and your deductible is $1,000, you pay $200 monthly, but you must pay $1,000 in claims before insurance covers costs.
Why is it important to understand these terms?
Understanding premiums and deductibles helps you choose the right insurance plan and manage your healthcare costs effectively.
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.
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