The low-deductible plan will result in the least out-of-pocket expenses.
Further Explanation:
Out-of-pocket expenses:
It is the maximum amount of expenses that the insurance policyholder has to pay for medical expenses. It includes the deductible, coinsurance, and co-payment. Premium paid on the insurance policy is not considered as out-of-pocket expenses.
Low-deductible plan:
The low-deductible plan is the insurance plan where the insured person has to spend a low amount of out-of-pocket expenses. The contribution from the side of the insurance policyholder is minimum in the low-deductible plan because most of the expenses are carried out by the insurance company.
The insured person has to pay the least amount of deductible, coinsurance, and co-payment in case of low-deductible plan. Most of the medical expenses are met by the insurance company.
Thus, the low-deductible plan will result in the least out-of-pocket expenses.
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Answer details:
Grade: Senior School
Subject: Business Studies
Chapter: Insurance
Keywords: If, you, cause, a, car, accident, which, type, of, insurance, will, require, you, to, pay, the, least, out, of, pocket expenses, type of insurance, low-deductible plan, insurance.
