deductible in a sentence
a.
📚 Grade Level: Grade 9, Grade 10, Grade 11, Grade 12
Definition
Deductible refers to the amount of money that must be paid out-of-pocket by an insured individual before an insurance policy begins to cover costs or the expenses that can be subtracted from taxable income when calculating taxes.
Sample Sentences
- The insurance policy has a high deductible that might make it less appealing to some customers.
- Many taxpayers are unsure about what expenses are considered deductible when filing their returns.
- In a typical health insurance plan, the deductible is the amount you must pay out of pocket before coverage kicks in.
- Employees often overlook the benefits of a flexible spending account, which allows for tax-deductible contributions.
- Before purchasing a new vehicle, it's wise to consider how the deductible will affect your overall insurance costs.