I absolutely do not understand “deductible”, which seems to mean something different every time I look at it.
An amount you deduct from the payout of your coverage, typically in exchange for a lower premium. Often, here at least, health insurance will be a per-year deductible and auto insurance per-claim.
I understand “premium” (what you always pay, whether you use it or not)
I think I understand “co-pay” (what you pay at point-of-use (unless you’ve hit your annual out-of-pocket maximum (unless you’re out-of-network)))
I absolutely do not understand “deductible”, which seems to mean something different every time I look at it.
And it gets more esoteric from there.
I usually just pay cash-on-the-barrel for healthcare. Most places do a “same day payment” discount that can be up to 40%.
You understand it about as much as I do. Esoteric is a really good way to describe it 😅
An amount you deduct from the payout of your coverage, typically in exchange for a lower premium. Often, here at least, health insurance will be a per-year deductible and auto insurance per-claim.
If you understand that, great, I’m very happy for you.