3 Insurance Terms You Need to Know!

Insurance, Uggghhhh!!!!!!!

There are a few things that NO ONE likes dealing with.

Here are just a few…

SHOPPING LONG LINES AROUND HOLIDAY SEASONS….

GOING TO THE DMV…

WORKING LONG HOURS ON A FRIDAY AFTERNOON….

Another one, in my opinion, is dealing with insurance.

Sometimes, dealing with insurance companies can be a tedious process.

However, I hope to help you by sharing 3 basic terms everyone needs to know about insurance.

Click HERE to see my video about the insurance terms.

3 Basic Insurance Terms You Need to Know

The 3 basic insurance terms will be listed below.

PREMIUM

A premium is the amount of money charged for the insurance policy.

For instance, if I sign up for “X” insurance company, my 6-month premium cost will be $1000.

Monthly payments are designed to satisfy the premium until the coverage period ends

DEDUCTIBLE

A deductible is the total amount paid to out of your pocket each year before your insurance company pays the rest.

Before going to a doctor’s office or to a mechanic, you may be asked to pay a deductible.

Be careful because a low deductible could mean you’re paying more on the back end.

COPAY

Copay is the amount you pay when services are rendered.

Some policies may require you to pay an amount for service being rendered.

For instance, at a recent doctor’s appointment, I paid $25 for my copay afterwards.

Conclusion

Insurance can be a bit daunting to maneuver through.

However, I hope this blog post can help you understand insurance better.

Thank you for reading and God bless.

DISCLAIMER

I am not a financial advisor or professional.

This content is for educational purposes only.