About Comprehensive Deductibles

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Comprehensive deductibles are the amount that the insured pays out of pocket before the insurance company will pay for medical expenses. Learn about how the lower the deductible, the higher the annual cost for the insurance, with information from a licensed life and health insurance representative in this free video on insurance.

Part of the Video Series: Insurance Information
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Video Transcript

This is John Pinelli, financial representative talking to you today about comprehensive deductibles. Deductibles in a health insurance policy are the amount that you must pay out of pocket before the insurance company pays any for medical expenses. This can be anywhere from zero dollar deductible up to 3,000, 5,000, etcetera amount of deductible that you will have to pay out of pocket before the health insurance company pays any amount of money for medical coverage. Typically the lower the deductible the higher the monthly or yearly cost for the insurance will be. The higher the deductible, the lower the premiums will be because you will be paying a higher out of pocket initially and the policy will essentially only cover you for sort of I guess you can say major medical issues that would arise during the course of a year. So it's important to consider your individual situation when looking at what the right amount of deductible is. You want something that's going to be affordable in terms of premium but also something that will provide coverage should you have a medical illness or injury that's going to provide you that coverage without you having to pay 3, 5, 10,000 dollars out of pocket because that can be quite expensive. And the point of having the health insurance coverage is to cover you when you should an injury or illness so if you're paying all of it out of pocket, it's almost pointless to have that coverage. So this has been John Pinelli, financial representative talking to you today about deductibles.

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