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What is Insurance Deductible? | Higher or Lower | What is Good | Copy or...

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Insurance Deductible is quite confusing for many people. I would like to explain in easy words.  Suppose you a medical cover for $5000 and your Deductible amount is $1000. It means first you need to utilize your deductible then the insurance company will start paying for your medical bills. This applies to a deductible in other types of insurance like car, bike, health, etc. Now, assume your first bill is only $80, you need to pay this amount. The second bill is $500. Still, you need to pay for this bill. Thrid bill is $500. Now understand the below you have already paid $580 the current bill is $500 your deductible is $1000 Your company will pay after $1000 So, Now for the current bill of $500, you are required to pay only $420. The rest $80 will be paid by your insurance company. Now, if your 4th bill is $35. As you have already paid for the amount equal to the deductible, this amount will be paid by your insurers. Therefore, all bills from now onwards will be paid by your insurance

What is Insurance Deductible?

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 As you want to know all about the insurance deductible, I have explained the same with numerous questions and their answers. Click HERE  to know what is Insurance Deductible, How it works, and what can you do to lower it. You can download a PDF file about the insurance deductible HERE .