The other day, a freshman asked me to explain a deductible to her (instead of actually looking it up on her own).
I explained it in a very basic, a way that involved $10,000 and an insurance policy that would cover 60% of your costs and with a $2,000 deductible.
I told her that it was basic math- the kind my math major roommate refuses to do. You subtract the deductible (you know...deduct it) because you are responsible for that.
Then, I got back to my dorm after thinking about it a little more and I got annoyed. Why didn't she just look it up like she was supposed to?
As I was telling this to my roommate, we decided this was probably a better explanation (forgive our condescension, but we thought it was too amusing):
If your teddy bear gets lollipop disease and needs to go see the teddy bear doctor, you're going to have to pay the doctor.
Say the doctor charges you three shiny stickers and five gumdrops.
Your mommy says she will give you two shiny stickers and three gumdrops if you can find one shiny sticker and one gumdrop. This sticker and gumdrop are the deductible- what you must provide on your own before you get help.
The remaining gumdrop is called debt. But that's a lesson for another day.
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