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What would happen if Rebecca chose to lower her deductible?
After filing her claim, the insurance company told her she had to pay the deductible before they would pay for the remaining damages. In this scenario, what would happen if Rebecca chose to lower her deductible after completing her current claim? A) Nothing would happen.
Which of the following is the amount of an insurance claim that you have to pay out of pocket first before the insurance company will pay any additional amount *?
The amount you pay for covered health care services before your insurance plan starts to pay. With a $2,000 deductible, for example, you pay the first $2,000 of covered services yourself.
What type of tax does Illinois have quizlet?
The state of Illinois has a flat, 3 percent individual income tax.
What does deductible mean in car insurance?
A deductible is the amount of a covered loss that you pay out of pocket. Two types of auto coverage carry deductibles: collision and comprehensive. The most common deductible is $500, but the amount can vary.
How do I explain my insurance deductible?
A deductible is the amount you pay for health care services before your health insurance begins to pay. How it works: If your plan’s deductible is $1,500, you’ll pay 100 percent of eligible health care expenses until the bills total $1,500. After that, you share the cost with your plan by paying coinsurance.
What happens when you meet your deductible and out of pocket?
Once you’ve met your deductible, your plan starts to pay its share of costs. Then, instead of paying the full cost for services, you’ll usually pay a copayment or coinsurance for medical care and prescriptions. Your deductible is part of your out-of-pocket costs and counts towards meeting your yearly limit.
What happens if I don’t meet my deductible?
Many health plans don’t pay benefits until your medical bills reach a specified amount, called a deductible. If you don’t meet the minimum, your insurance won’t pay toward expenses subject to the deductible. Nonetheless, you may get other benefits from the insurance even when you don’t meet the minimum requirement.
What are exemptions tax?
A tax exemption is the right to exclude all or some income from taxation by federal or states governments. Most taxpayers are entitled to various exemptions to reduce their taxable income, and certain individuals and organizations are completely exempt from paying taxes.
Which scenario is the best example of how the government would act in a mixed market economy?
Which scenario is the BEST example of how the government would act in a mixed market economy? The government requires a factory to produce surplus goods for the use of the military.
What would happen if you raised or lowered your deductible on your car insurance policy?
A lower car insurance deductible means you’ll pay less out of pocket in the event of an accident but pay more upfront in premiums. A higher deductible means you’ll pay less upfront in premiums but more in the event of an accident.
What happens to an insurance premium when a deductible is lowered?
If you lower your deductible, your insurance premium will go up to compensate the insurance company for paying more in the event of a claim. Conversely, raising your deductibles can save you money on insurance costs by lowering your premiums.
What happens when you reach your deductible?
A: Once you’ve met your deductible, you usually pay only a copay and/or coinsurance for covered services. Coinsurance is when your plan pays a large percentage of the cost of care and you pay the rest. For example, if your coinsurance is 80/20, you’ll only pay 20 percent of the costs when you need care.