MANAGEMENT

Detailed explanation-1: -A health insurance deductible is the amount you pay before your insurance kicks in. For example, if you have a $1000 deductible, and you need a $1000 MRI procedure and a $2000 surgery, you will pay $1000 out-of-pocket for the MRI, and then $0 for the surgery.

Detailed explanation-2: -You choose your deductible amount when you buy a car insurance policy. Deductible choices typically range from $250 to $2, 000, with $500 representing the most common deductible choice. A lower deductible-such as $250 or $500-will mean higher auto insurance rates.

Detailed explanation-3: -A low deductible of $500 means your insurance company is covering you for $4, 500. A higher deductible of $1, 000 means your company would then be covering you for only $4, 000. Since a lower deductible equates to more coverage, you’ll have to pay more in your monthly premiums to balance out this increased coverage.

Detailed explanation-4: -Let’s say you’re in a covered car accident. Your deductible would be the amount of money you pay out-of-pocket before your policy kicks in. But, every policy type only covers up to a certain amount. This is called a limit.