"The higher your deductible
, the lower your premium," says Shavonne Glanton, a partner at Ontario-based Concord Insurance.
In practical terms, this means every high deductible
healthcare plan being offered was preferable to every low-deductible healthcare plan, regardless of whether you spent nothing on healthcare or spent thousands.
Answer: The property deductible
of $1,000 would apply to the property perils, and the waiting period of 72 hours would apply to the business income and extra expense coverages.
ObamaCare has both failed to curb insurance premiums and contributed significantly toward deductibles
that often make care too expensive even for the insured.
Even the Robert Wood Johnson Foundation analysts have had trouble summarizing how plans handle deductibles
in a clear, easy to analyze fashion.
By comparison, the average general annual deductible
for single coverage among workers enrolled in an employer-based health plan was $1,217 in 2014.
Source: "Hurricane and Windstorm Deductibles
," Evans, Ewan & Brady Insurance Agency, Inc., an excellent state-by-state analysis based on Virginia Bureau of Insurance and Virginia Property Insurance Association information.
That would eliminate the payment of any deductible
at the time of filing a claim if the loss reaches a level where primary insurance kicks in.
The FC&S staff has received many questions about the proper way to apply a deductible
. We agree, sometimes it is just plain confusing.
But employees accustomed to thinking a doctor's visit costs a $15 co-payment are in for sticker shock once they start writing checks for deductibles
. Harris Interactive conducted a 2005 telephone poll of 2,000 adults covered by employer-sponsored health care plans, entitled, "Consumer Attitudes toward Health Care." It found employees guessed the price of a new Honda Accord within S300 but were off by $8,100 in their estimation of the cost of a four-day hospital stay.
van de Ven, 2000, Deductibles
in Health Insurance: Can the Actuarially Fair Premium Rebate Exceed the Deductible
?, Health Policy, 53: 123-141.
But with changes to the windstorm policies, the impact of the deductibles
is much more significant.