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High Deductible Insurance

It is no surprise that health insurance premium costs are skyrocketing. Unfortunately, because of the high cost of health insurance, some families have resorted to canceling their health insurance and paying for their medical expenses out-of-pocket. This may work for a while for those that are healthy and can afford a few doctor’s visits a year, but, what would happen if they needed major surgery?

A High Deductible Plan Can Pay for the Major Stuff

This is where a high deductible health plan would be helpful. Say someone did decide to cover their basic doctor’s visits and prescriptions out-of-pocket, but wanted the assurance of knowing that if they did need major medical care, such as for a surgery or disease, that they were covered. A high deductible health plan would do just that. It is designed to only "kick-in" after the out-of-pocket expenses (the doctor’s visits, prescriptions, ect.) reach the deductible, which is higher than a normal insurance plan. Using a health insurance plan such as this has a lower premium because the deductible is higher.

Slow Down… High Deductible Health Insurance Plans are Not for Everyone

Don’t go buy a high deductible insurance policy yet. Yes, the high cost of health insurance premiums can make anyone want to find a quick way to just see that health insurance premium amount lower, but a high deductible health insurance policy is not for everyone. And, even if it works for you, there are some guidelines one needs to follow if they decide to go with a high deductible health insurance policy.

High Deductible Health Plans Would Be Good For Individuals and Families Who Can:

Afford High Out-of-Pocket Expenses (deductibles on high deductible health insurance plans are generally $1000-$2000)
Are in Good Health
Generally Never Need Prescription Drugs
Don’t Plan to Get Pregnant (some plans have a one year wait before they cover maternity care)
Don’t Have Pre-Existing Conditions (again, there may be a waiting period)

Guidelines to Follow if You Choose High Deductible Insurance:

Set Up a HSA to Pay for Your Out-of-Pocket Expenses
See if Your Employer Offers a Plan Before Looking Into Private Insurance Companies (your employer may pay part of the premium)
Shop Around and Compare Premium Costs
When Shopping Around, Compare Costs by the Amount of the Deductible, What is Covered, the Lifetime Annual Benefit, and The Annual Premium

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High Deductible Insurance

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