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What would louise's options have been if did not have insurance?


So for example Louise has a health insurance policy with a five hundred dollar deductible in 20 percent coinsurance. So remember deductible is how much she has to pay before insurance will pay for anything. So this means that Louise pays for the first five hundred dollars of any covered medical pair care plus 20 percent of any remaining costs and covered medical care would mean that it's included in her health care policy plan
 

So if Louise is in an accident that resulted in a five thousand dollar medical procedure that is covered by insurance then Louise will pay five hundred dollars because again she has to pay that no matter what. Before insurance kicks in plus 20 percent of the remaining total. For a total of fourteen hundred dollars. So that means the insurance company after everything she is paid will cover the rest. That's at thirty six hundred dollars. So even though she has insurance Louise still needs to fund it still needs funds to pay the deductible and coinsurance. So even though you have insurance there still is some accountability on your part to have some savings built up in case of an accident.

So here's another example. Carlos was involved in an automobile accident that resulted in three thousand seven hundred eighty eight dollars worth of damage to his car. So if he has property and liability insurance policy with which we'll talk about what that means. But the important thing is you know that he has a five hundred dollar deductible and zero percent coinsurance.
 


Well without doing any math we know that that five hundred dollars deductible is what he pays before the insurance company will pay for anything. So he only has to pay five hundred dollars. The insurance organization will have to pay the remaining. So the total minus five hundred dollars is what the insurance company will have to pay.


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