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✅What is a Deductible? [Video]

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Medical Emergency Insurance and Financial Planning

✅What is a Deductible?

✅What is a Deductible?

A deductible is the amount of money you must pay out of pocket before your insurance coverage kicks in. Think of it as your share of the expenses when you make a claim.

Deductibles are common in various types of insurance policies, including health insurance, auto insurance, homeowners insurance, and more.

✅How Does it Work?

Let’s say you have a $500 deductible on your auto insurance policy. If you’re involved in a covered accident and incur $2,000 in damages, you would need to pay the first $500, and your insurance company would cover the remaining $1,500 (subject to policy limits and coverage terms).

✅Why Do Deductibles Matter?

Understanding your deductible is essential for budgeting and financial planning. Choosing a higher deductible typically results in lower insurance premiums, but it also means you’ll have a higher out-of-pocket expense if you need to make a claim.

On the other hand, opting for a lower deductible means higher premiums but less out-of-pocket expense when you make a claim. It’s all about finding the right balance based on your budget and risk tolerance.

📲If you have any questions about deductibles or need assistance with your insurance needs, don’t hesitate to reach out to us.

🚀We’re here to help you navigate the world of insurance with confidence.

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FAQs About GiveTaxFree Answered! PART II
FAQs About GiveTaxFree Answered! PART II
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