What Is the Deductible in Health Insurance and Why Does It Exist?

The deductible is a predefined amount that you will determine when you hire your Medical Expenses insurance. This will serve to determine from what amount the insurer's risk begins. In other words, from what amount the insurer pays. For obvious reasons, the lower the deductible, the higher the premium you will pay and vice versa.

The deductible is a delimiter from which the amount becomes a major expense. That definable amount and always indicated on the cover of the policy is the amount that delimits the minor expense from the major expense (for your policy). Classify the events less than the deductible- Which you must pay. One recommendation is that these should not put your economy at risk. If the condition exceeds the amount defined for the deductible, you can claim the difference from your insurer.

The deductible is also a determiner or regulator of the use of your policy. And this serves to avoid abuse in the use of the policy. In other words, it guarantees that each claimed condition involves the insured financially. It is proven that when policies do not have a deductible, their use increases indiscriminately; And if this happens, the cost of insurance will also skyrocket, since the insurer's claims rate (payments made by the insurer) will rise.

Do not confuse copay or coinsurance. This is another concept that serves to further reduce the amount of the policy, they contemplate the second element of payment in each condition with this name. It is generally a percentage that the insured has to pay off any compensation that his insurer has to make. Check other articles about it