Traditionally, the deductible was created by insurance companies to be able to share the risk between the insured and the insurance company. In this way, in the event of an illness, the insurer pays a part of the total cost and the insured another part, being known as the deductible.
What is a deductible?
It is a key feature in insurance coverage. It is the amount of money you pay out of your own pocket. This helps offset the cost of medical care. You will generally find options for certain coverages in health insurance policies.
These require the insured to pay a certain amount before the insurance company begins to pay for the benefits provided by the policy. Health insurance premiums are determined based on it. If you want to reduce the amount of money you pay for your health insurance coverage, you might consider a plan with higher deductibles. The deductible is established from the moment you contract the policy, and must be covered for each illness and for each person. We recommend choosing the deductible according to your ability to pay
How does it work?
A health plan with a deductible works as follows: in case of illness, the insured must pay in full the amount corresponding to the deductible. Expenses paid by the insurer start from the first dollar that is overspent.
For example, if a health policy has coverage X at 100%, and if the deductible for that product is US $2000. The client has an illness, which had a cost of US $5000, the client agrees to pay the US $2000 and since the illness exceeds this figure, the insurer will recognize the payment of the remaining amount, that is, US $3000. ($5000-$2000 = $3000).
How is the deductible determined and how does it benefit me?
Insurers offer a range of deductibles and you can usually choose the one that best suits your needs.
Your deductible normally benefits your premium, the cost you pay for your policy. The higher your deductible, the lower your premium can be. This is because with a higher deductible, you are assuming more responsibility for the expenses of a claim.
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