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 your premium is $200 a month and your deductible is $1,000, you pay the premium monthly, but for a claim, you must pay the first $1,000 before insurance covers the rest.
Why are deductibles important?
Deductibles help lower your premium costs and encourage responsible use of insurance, as you share some of the financial risk.
How do I choose the right deductible for me?
Consider your financial situation, how often you use healthcare services, and your comfort level with out-of-pocket expenses when choosing a deductible.
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