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Risky Business

How will your Deductibles affect 2014?

By Shelly Benisch, T.R.S., C.I.C.
Posted Dec 30th 2013 7:47AM




Hi Everyone,

Given the large number of people dumped from private health insurance plans to “ObamaCare”, formally known as the “Affordable Care Act”, I thought I’d end the year by talking about how Deductibles can affect us in ways we might not always consider.

Your Deductible on an insurance policy is simply YOUR out of pocket expense that’s paid BEFORE any insurance payments kick in.   Sometimes we can choose our Deductible, and sometimes we can’t.

The shock waves are about to hit when people now signed on with ObamaCare discover they could have a $12,000 Deductible, for example.   Let’s be honest, who has $12,000 lying around to use for something insurance was designed to pay for in the past?

The reason you rarely see Deductibles on your Expediting Insurance higher than $1,000 is because that’s about the top end of what you can expect most people to easily have on hand.  

I certainly don’t mean all, but MOST people simply don’t have the top end of Expediting Insurance Deductibles of $5,000…so you can see my point on where they’re supposed to come up with $12,000 when they have a medical claim?

You can choose your Deductible for Collision when your vehicle hits something and is damaged.   You can also choose your Deductible for Comprehensive when your vehicle is involved in some other type of mishap like fire, flood, theft, vandalism, etc.

So think it through and develop your own plan for 2014 on what out of pocket costs for Deductibles you DO have control over in the event of a loss.

Wishing everyone a very Safe and Rewarding 2014, Happy New Year!



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