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Low-Deductible Health Insurance

When choosing health insurance plans there are many options available. When you are looking at price, you can choose between low deductible policies or high deductible policies. It may be hard for you to decide which option is better without researching the benefits and risks associated with each.

What is a deductible? A deductible is the monetary amount you pay for your medical bills before you can file claims and your insurance company starts to pay. Deductibles come in varying amounts and are written in your insurance contract.

If you choose a low deductible policy expect to pay higher premiums. Typically the lower the deductible, the higher the premium is. If you choose a high deductible plan expect lower premiums. Premiums are what you pay out of your paycheck or pocket just to carry insurance.

But why is having a high deductible a risk? If you choose a policy with a $5000 deductible and you get sick, you will have to pay the full $5000 before your insurance company starts covering the bills. If you are a healthy person who never gets sick, then a high deductible might be ok for you. If a high medical bill could ruin you financially you might want to go with the lower deductible.

What are the benefits of a low deductible? If you get sick, you will pay your low deductible, and then your insurance company will start accepting your claims. You will have less to pay up front for doctors visits and hospital stays. However if you cannot afford the premiums that come with a low deductible health plan you might have to choose a high deductible plan.

In conclusion, you need to do a lot of research and make the right decision for you and your family. Buy the best insurance policy you can afford. A good insurance policy should protect you financially in the event of accident or illness.

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