Purpose and Function of a Deductible in an insurance policy ?? (Senior Ins (health) forum)

[LostDollar]

Hello.

I am a consumer, Medicare Beneficiary, and Insurance Forums member.

I would like some comments about the function and purpose of a Deductible in an insurance policy.

I am looking for general conceptual information about Deductibles, why they are in a policy and whether (and why) the poster considers a deductible to be an appropriate or inappropriate feature of an insurance policy.

I would welcome those general conceptual comments from both Health and P&C agents.

(I have started this thread in both sub forums to improve my chances of seeing responses from both groups of agents.)

Thank you.
LD

cross reference
Thread in P&C forum
https://insurance-forums.com/commun...f-a-deductible-in-an-insurance-policy.109975/

 

[Fisher]

[EXTERNAL LINK] - Let Me Google That

 

[goillini52]

Hello.

I am a consumer, Medicare Beneficiary, and Insurance Forums member.

I would like some comments about the function and purpose of a Deductible in an insurance policy.

I am looking for general conceptual information about Deductibles, why they are in a policy and whether (and why) the poster considers a deductible to be an appropriate or inappropriate feature of an insurance policy.

I would welcome those general conceptual comments from both Health and P&C agents.

(I have started this thread in both sub forums to improve my chances of seeing responses from both groups of agents.)

Thank you.
LD

cross reference
Thread in P&C forum
https://insurance-forums.com/commun...f-a-deductible-in-an-insurance-policy.109975/

A deductible is a type of cost scaring to keep the premium lower.

 

[Yagents]

The reason for a deductible is to make copays and coinsurance easier to understand

 

[LostDollar]

The reason for a deductible is to make copays and coinsurance easier to understand

How so?

 

[Yagents]

How so?

Glad to see u took the bait. It was a joke. Licensed agents probably laughed.

 

[DS4]

The deductible is there so the consumer has some "skin in the game".

 

[adjusterjack]

(I have started this thread in both sub forums to improve my chances of seeing responses from both groups of agents.)

Now you have two threads with parallel discussions.

Purpose and Function of a Deductible in an insurance policy ?? (insurance-forums.com)

My response there was a posting of the following article.

An Overview of Insurance Deductibles (insuranceopedia.com)

 

[LostDollar]

Now you have two threads with parallel discussions.

From my original post:

I would welcome those general conceptual comments from both Health and P&C agents.

(I have started this thread in both sub forums to improve my chances of seeing responses from both groups of agents.)

Thank you.
LD

cross reference
Thread in P&C forum
https://insurance-forums.com/commun...f-a-deductible-in-an-insurance-policy.109975/

 

[LostDollar]

A deductible is a type of cost scaring to keep the premium lower.

Now this needs a correction, but I see two options, don't know which is correct.

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A deductible is a type of cost sHaring to keep the premium lower.

or

A deductible is a type of cost sCaring to keep the policy utilization lower.

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