👉 Deductibles are a type of premium that is required to be paid by an individual or business when purchasing health insurance. Deductibles are typically set by the policyholder and can be used to cover out-of-pocket expenses such as medical procedures, copays, and coinsurance. The amount of deductibles varies depending on the level of coverage provided by the insurance company.
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What is the definition of Deductible? 🙋
👉 A deductible is a fixed or percentage amount that an individual, business, or organization must pay towards certain expenses before they can deduct them from their taxable income. Deductibles are typically included in financial statements and may range from 20% to 100%. The purpose of deductible payments is to ensure that individuals and organizations can maintain a certain level of tax liability without having to pay the full amount themselves, as this would increase their taxable income.
What is the definition of Deductible Insurance? 🙋
👉 Insurance? A premium that deducts from your claim for damages or costs incurred during a policy period. It's a convenient way to avoid paying out-of-pocket expenses - much like how you deduct a deduction from a paycheck!
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