MANAGEMENT

Detailed explanation-1: -Since the deductible is low, your out-of-pocket expenses on medical costs will reduce. The premium payable is higher, as your insurer’s risk increases. The probability of claim settlement increases since low deductible plans come in handy for small claims too.

Detailed explanation-2: -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-3: -If you choose the higher deductible limit, the lesser will be the premium and higher the amount that you pay from your own pocket. The relationship between the premium and deductibles is an inverse relationship. It means when the premium is higher, the deductible amount would be lower, and vice versa.

Detailed explanation-4: -Low-deductible health insurance plans carry a lower deductible, meaning that when you get sick, you pay less money upfront before your plan starts paying. The trade-off is that you’ll pay more for your monthly premium when you have low-deductible coverage.

Detailed explanation-5: -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.