BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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your deductible will be higher and your coverage limit will be higher
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your deductible will be higher and your coverage limit will be lower
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your deductible will be lower and your coverage limit will be higher
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your deductible will be lower and your coverage limit will be lower
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Detailed explanation-1: -In most cases, the higher a plan’s deductible, the lower the premium. When you’re willing to pay more up front when you need care, you save on what you pay each month. The lower a plan’s deductible, the higher the premium.
Detailed explanation-2: -A high deductible plan (HDHP) can be combined with a health savings account (HSA), allowing you to pay for certain medical expenses with money free from federal taxes. A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses.
Detailed explanation-3: -The higher a deductible, the lower the annual, biannual or monthly insurance premiums may be because the consumer is assuming a portion of the total cost of a claim.
Detailed explanation-4: -In general, the higher your deductible, the lower your premium will be. For example, if you choose a $1, 000 deductible on your auto policy, you will likely pay less in premiums than you would for a policy with a $250 deductible.