What is insurance deductible?

Absolutely! An insurance deductible is the amount of money you have to pay out of pocket before your insurance company starts to cover costs. Think of it as your share of the bill for a covered service, like a doctor’s visit or a car repair.

Let’s say you have a health insurance plan with a $500 deductible. If you have a medical bill for $1,000 and you’ve already paid $500 out of pocket, your insurance would kick in to cover the remaining $500.

The pain point here is understanding how deductibles work and how they impact your expenses. To make the most of your insurance and save money, consider these tips:
1. Understand your policy: Know what your deductible is and how it applies to different services.
2. Budget for it: Keep your deductible amount set aside so you’re prepared when you need to cover it.
3. Shop around: Compare insurance plans with different deductibles to find one that fits your needs and budget.

Feel free to share this info with friends or ask more questions to clarify anything you’re unsure about. Your insurance plan doesn’t have to be confusing!