Deductible

A deductible is often in the range of $250 to $1,000 in auto insurance coverage.  That means that you have to have at least that minimum amount of damages before your insurance will apply and pay for anything.  Generally, if you have a higher deductible, then your monthly insurance premiums will be lower. 

What are some types of deductibles in Georgia?

Deductibles will vary depending on the type of insurance that you have.  You may have a different deductible for various kinds of claims.  In your homeowners’ insurance, for example, you may have a different deductible amount for the personal items in your house and another deductible for the structure of your home.  Homeowners’ insurance policies will also often cover dog bite situations or slip and falls on your property, and those have a separate deductible, too. 

Car accidents often have a deductible that applies on a per-accident basis.  Health insurance, on the other hand, has a deductible that will usually cover an entire year.  For example, if you have a $500 deductible, you must hit that number in total medical expenses for the year before your health insurance will pay anything.  Your health insurance may also pay for some services without having those expenses go toward your deductible, such as routine doctor visits. 

What is the difference between deductibles, copays, and coinsurance?

If you look at your insurance policies closely, particularly your health insurance policy, you will notice there may be terms like “copay” and “coinsurance.” What do these terms mean?

• Coinsurance is a portion of the cost that you must pay. It is usually in term of a percentage.  It often applies to separate expenses related to your healthcare, such as your prescription costs. 
• A copay is a fixed amount that you must pay when you get a specific service.

Your health insurance might state that you have a deductible of $500, a copay of $25, and co-insurance for prescriptions of 20%.  That means that when you go to your routine checkup, you will pay $25 out of pocket right away.  Then, if you must get any prescriptions because of that visit, you will pay 20% of the insurance company’s cost of that item at the pharmacy.  Your deductible likely won’t apply at all at that point because your health insurance covers routine visits to the doctor. 

The team at John Foy & Associates can help you navigate the confusing world of insurance after you have been through an accident.  We can also examine the facts of your case to determine if you should be reimbursed for your losses, even if your insurance already paid for some or all of it.  Fill out the form to your right or call us at 404-400-4000 to get your FREE consultation today.