What Is A High Deductible Health Insurance Plan?

By Robert Fredricks Posted in Health Insurance News

High-deductible insurance plans are policies where the consumer pays higher out-of-pocket fees when they are sick and need the attention of doctors or hospital care, compared with low-deductible health insurance plans.

High-deductible health insurance plans for families provide major medical/health insurance coverage at a lesser cost as compared to other health insurance plans. If you, as a consumer, do not want to spend much on buying a health insurance plan, but want health coverage for diseases or injuries, a high-deductible health insurance plan is probably a good buy for you and/or your family.

Some individuals would prefer to pay a higher deductible for their health insurance, knowing that all succeeding covered expenses for illnesses and/or diseases will be paid for by their health insurance plan.

What Are The Specifics For High-Deductible Insurance Plans

With high-deductible health insurance plans, as a consumer, you take responsibility for covering any routine or minor health care expenses until your calendar year deductible is met. Also, once you meet the deductible set forth, your covered health care expenses are paid under the insurance plan.

One of the benefits of electing a high-deductible insurance plans it though your deductible is higher than other health insurance plans, but your premium is lower. Another reason to have a high-deductible insurance plan is if you are an early retiree needing a bridge to Medicare. If you are in need of protection from unexpected illnesses or accidents at lower costs is another reason for purchasing a high-deductible insurance plan.

Before purchasing a high-deductible insurance policy, you should understand your needs as a “patient” with health care needs. This means that if you have seldom gone to the doctor(s) and rarely are ill, then purchasing a high-deductible health insurance plan may be beneficial to you. However, if you are know to get sick and/or have a family history of certain deceases, then this type of plan may not protect your finances.

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  2. What Is A Consumer Directed Health Insurance Plan?
  3. What Does The Term Stop Loss Mean For Low Cost Health Insurance?
  4. What Are Archer Medical Savings Accounts For A Health Insurance Policy?
  5. What Is A Point Of Service Health Insurance Plan?

One Response to “What Is A High Deductible Health Insurance Plan?”

  1. There is tremendous cost savings involved by switching to a high deductible health plan. Consumers should also beware that their out of pocket expenses may increase. If you receive a medical bill in excess of $200.00, a patient advocate such as INSNET,LLC, may help you negotiate a lower amount. Their service is risk free, they charge a portion of the amount saved, with no fee if there is no savings. Insurance companies have saved money on the amount they owe using this method for decades.

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