In your own words, explain insurance deductibles.

[pstall]

I'm curious as to the various answers on this. What are some's definitions. :piggy:

[Kevin Greene]

A way of having higher premiums, without it showing up on the initial quote price.

[Happy Panther]

A amount that the insured is liable for under the period of an insurance contract before the insurance company will start paying losses.

[Zod]

A way for insurance companies to deter you from using what you are paying for and cutting into their profits.

[Happy Panther]

A way for insurance companies to deter you from using what you are paying for and cutting into their profits.

Tell that to allstate

[pstall]

A way for insurance companies to deter you from using what you are paying for and cutting into their profits.

This looks right. For some plans its as if they want you to go out of pocket.

Those old 80/20 plans look better and better.

[Happy Panther]

Higher (or lower) deductible plans do not generate higher profits for an insurance company.

[pstall]

Higher (or lower) deductible plans do not generate higher profits for an insurance company.

I don't really care about that. I care about coming out of pocket twice. Each pay period with my "premiums", nice fancy euphemism and then for whatever visits during the year.

I have a high deduct and an HSA and it's my fault we dipped into the HSA during the year.

Fortunately nothing major but meeting that deductible is frickin hard to do.

[Happy Panther]

I don't really care about that. I care about coming out of pocket twice. Each pay period with my "premiums", nice fancy euphemism and then for whatever visits during the year.

I have a high deduct and an HSA and it's my fault we dipped into the HSA during the year.

Fortunately nothing major but meeting that deductible is frickin hard to do.

Well the insurance company doesn't care. If you don't want the deductible then pay the higher premium. On average you will pay the same amount

[Happy Panther]

Fortunately nothing major but meeting that deductible is frickin hard to do.

This is true

[Cat]

When we had no kids we were on a high deductible plan and saved money because we never went to the doctor. It was emergency insurance. I would go to my one doctor visit a year and it was covered 100% because it was a well visit. Would never have a my kid on a high deduct plan. they get sick too often.

[thefuzz]

It's a way to keep people honest.

No need to go to the doctor every time you have a sore throat for a day.

Whoops, sorry, I was thinking co-pay and not deductible.

Deductibles are kinda BS.

[pstall]

My kids are a little older so not as sick as often.

Its a crazy tango you have to do.

[Tweeder]

what kills me is if you make a claim not only do you pay the deductible but your premium goes up