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Optional Information:
Santa C... |
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**** | What is an insurance premium? Deductable? |
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mbrcatz
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Premium is your cost of insurance. Deductible is how much you pay out of pocket, before the insurance kicks in. |
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Hadley
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The insurance premium is the price you pay to the insurance company in exchange for providing you with the insurance coverage.
For example, your monthly premium for your auto insurance may be $100 - that means you pay $100 in premium each month or $1,200 annually (total) for your auto insurance premium.
The deductible is the amount you pay out of pocket for a claim that is covered by your insurance policy. If you had a claim for $1,000 on your auto insurance policy, and your deductible was $500, you would be responsibler for paying $500 - your deductible for the claim.
I hope that helps. Best of luck to you. |
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mcmoehring@sbcglobal.net
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an insurance premium can be paid with pre-tax funds through your employer |
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Mel
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Premium is what you pay monthly/quarterly/6months to have the insurance, and deductible is what you have to pay out of pocket in the event of a claim. Example my deductible is $250. If I submit a claim for something say a car accident, I have to get estimates from body shops on how much it will be to fix my car. My insurance then gives me a check minus the $250 and I can pay the body shop, or if you have a loan and chose not to fix your car, the bank. I hope this helps. |
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Slim
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Premium is the cost you pay for the insurance coverage
Deductible what you pay before the insurance co. pays their portion |
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SD Mike
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The premium is the cost of the insurance policy. If you notice a broker fee on your insurance quote, this is not considered part of the premium.
A deductible is the amount of the loss which is paid by the insured (customer). For example if you had a $5,000 loss and your deductible is $500, the insurance company will pay $4,500 of the loss.
Generally, if you get a higher deductible, your premium will be lower. High deducibtles are not always a bad thing. They are a great way to save money on your premiums. But be careful! Don't get a deductible that you won't be able to afford in the event of a loss. |
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princesskamby
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A premium is the deductions you will see taken out of your paycheck so that you are enrolled in medical coverage.
The Deductible on your plan is how much you have to meet of out of pocket expenses before your plan's coverage actually kicks in.
Example -
If your plan has a $500.00 deduct and will then cover at 80% and you have a claim come in for 800.00
you would be responsible for 500.00 immediatey, then would owe 20% on 300.00 bringing you to a total of 560.00
Typically once you meet your deductible you wont have to meet it again for a year. (Depending how your plan is written)
(NOTE: Your premiums usually DO NOT count toward deductibles neither do copays)
By the way... You may also want to take into consideration coinsurance. |
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