Review:
Deductibles
overall review score: 4.2
⭐⭐⭐⭐⭐
score is between 0 and 5
Deductibles are a specified amount of money that the insured individual must pay before an insurance company will pay a claim.
Key Features
- Cost sharing
- Risk management tool
- Varied deductible amounts
Pros
- Can lower insurance premiums
- Encourages cost-conscious behavior
- Provides financial protection for major losses
Cons
- Can be expensive if high deductible amount
- May deter individuals from seeking necessary healthcare
- Not all services covered until deductible is met