Deductible

RECENT NEWS
Forbes  Nov 25  Comment 
The Tax Court decision in the case of Willam D. Evans had the look of a hobby loss case, which was kind of neat coming on top of a really good horse case.  Well, it was about racing - motorcycles not horses - but it was not a hobby loss case....
Forbes  Nov 25  Comment 
Navigating your health insurance options can be difficult when you don’t know how cost-sharing works. Understanding concepts like deductibles and out-of-pocket maximums is important in choosing the best plan for your needs.
Forbes  Nov 19  Comment 
Almost half of the nation’s large employers are offering a consumer-directed health plan, which uses a high deductible strategy that is designed in part to make workers think twice before choosing an expensive and potentially unnecessary...
New York Times  Oct 18  Comment 
Some people enrolled in private coverage through the Affordable Care Act are hesitating to use their insurance because of the high out-of-pocket costs.
New York Times  Sep 2  Comment 
Just as employers replaced pensions with retirement savings plans, more large companies appear to be making a similar cost-sharing shift with health plans.
New York Times  Sep 1  Comment 
Just as employers replaced pensions with retirement savings plans, more large companies appear to be making a similar cost-sharing shift with health plans.
Insurance Journal  Jul 18  Comment 
Insurance Commissioner Jim Donelon has asked State Farm Fire and Casualty Co. (State Farm) to offer its Louisiana policyholders Louisiana the option of a 2 percent hurricane deductible on their homeowners’ insurance policies by paying the...
Insurance Journal  Jul 10  Comment 
One month into the hurricane season, State Farm’s 308,000 Louisiana homeowner’s customers are confronting an unpleasant change: their policies now include a mandatory 5 percent hurricane deductible. State Farm spokesman Gary Stephenson tells...
Forbes  Jul 2  Comment 
BNP Paribas Pays $9 Billion, But Isn't That $6 Billion after Taxes?
MarketWatch  Jun 6  Comment 
Turn your dream vacation into an honest-to-goodness tax deduction.




 

A deductible is the amount that a policy holder is responsible for paying per accident before his/her insurance policy kicks in. Deductibles vary by state, but are most often specified in amounts of $100, $250, $500 or $1,000. For most insurance companies, the higher your deductible, the lower your premiums. In other words, if you're willing to pay higher out-of-pocket costs, you can lower the total cost of your insurance. For example, if you are in an accident that causes $7,500 worth of damage and your deductible is $500, you are required to pay $500 before your insurance company takes care of the remaining $7,000.

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