How deductibles work
Insurance plans are a balancing act between deductibles and premiums. The more you are willing to pay each month on your premium, usually the lower your deductible.
For the insurer, a higher deductible means you are responsible for a greater amount of your initial health care costs, saving them money. For you, the benefit comes in lower monthly premiums.
However, high deductible plans do have downsides. Meeting a high deductible can seem insurmountable in the face of costly medical bills.
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