Deductible is the amount that you are responsible to pay before the insurance benefits start paying for the claims.
If you choose zero(0) deductible, that means you are not required to pay any deductible and your benefits start immediately. If a plan pays 20% for the first $5000, and 100% after that, this means that the insurance pays 20% for your first bills of up to $5000,
Example : Say you pick a policy with 0 deductible that pays 20% for the first $5000 and 100% after that. Assume there are claims of $25,000. The deductible is 0. So, you don’t have to satisfy any deductible . Now, out of this $25,000 worth of claims, insurance pays 20% for the first $5000 or $1,000, and you pay $4,000. Any amount after that means from $5,001 to $25,000, insurance will pay 100%. So, with this particular policy, out of a total of $25,000 in claims, you pay $4,000 out-of-pocket and rest is paid by the insurance company. Please visit our knowledge center to learn more.
Insurance rates are regulated by law. You can't find the same insurance plan for a lower price anywhere else