InsuranceBasics
- Health
Understanding Deductibles – What You Need to Know
Definition of Deductible: Explained A deductible is a predetermined amount of money that an individual must pay before their insurance coverage kicks in. In other words, it’s the portion of a claim that the policyholder is responsible for paying out of pocket. The purpose of a deductible is to share some of the financial risk with the policyholder, so they…
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What is a Deductible in Insurance?
Definition and Explanation of Deductibles In the world of insurance, a deductible is a specific amount of money that policyholders are required to pay out of pocket before their insurance coverage kicks in. Deductibles are common in many types of insurance policies, including health insurance, auto insurance, and home insurance. The purpose of a deductible is to share the risk…
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