In today's economy, people are looking for every way possible to save money.
Because health insurance can be quite expensive, many people are searching for strategies to reduce their coverage premiums.
One of the most common ways to do this is to select a high deductible plan.
Is this a good way to save money on your monthly bills? A large deductible health insurance plan requires you to pay significant out of pocket expenses each year before the insurance coverage kicks in.
Some plans have a deductible as large as $10,000.
This means that you will have to pay the first $10,000 of medical expenses before you can receive any benefits from your health insurance policy.
Other high deductible medical insurance plans impose $5,000 and $7,500 deductibles.
A high deductible will certainly help reduce your monthly insurance costs.
A high deductible plan may cost one half as much as a comparable low deductible policy.
On average, this can save you $3,000 or more per year on your medical insurance premiums.
Before you purchase a high deductible health insurance plan, you should consider how much you can reasonably pay for out of pocket medical expenses.
If you would have trouble covering a $10,000 medical bill, you may be better off paying more for a plan that offers lower deductible amounts.
You should also think about your family's health history when considering a high deductible plan.
Do you or a family member have a condition that might require hospitalization or surgery? If so, there is a greater likelihood that you will have to pay your full deductible.
If, on the other hand, you and your family are relatively healthy, you may be able to get away with a high limit plan, and simply keep the policy in force to protect you against catastrophic medical expenses.
While a high deductible health insurance plan might save you a few hundred dollars each month in premiums, you should consider this option carefully.
If it is likely that your medical expenses will approach your deductible each year, you may end up paying far more in medical costs than you will save in insurance premiums.
Because health insurance can be quite expensive, many people are searching for strategies to reduce their coverage premiums.
One of the most common ways to do this is to select a high deductible plan.
Is this a good way to save money on your monthly bills? A large deductible health insurance plan requires you to pay significant out of pocket expenses each year before the insurance coverage kicks in.
Some plans have a deductible as large as $10,000.
This means that you will have to pay the first $10,000 of medical expenses before you can receive any benefits from your health insurance policy.
Other high deductible medical insurance plans impose $5,000 and $7,500 deductibles.
A high deductible will certainly help reduce your monthly insurance costs.
A high deductible plan may cost one half as much as a comparable low deductible policy.
On average, this can save you $3,000 or more per year on your medical insurance premiums.
Before you purchase a high deductible health insurance plan, you should consider how much you can reasonably pay for out of pocket medical expenses.
If you would have trouble covering a $10,000 medical bill, you may be better off paying more for a plan that offers lower deductible amounts.
You should also think about your family's health history when considering a high deductible plan.
Do you or a family member have a condition that might require hospitalization or surgery? If so, there is a greater likelihood that you will have to pay your full deductible.
If, on the other hand, you and your family are relatively healthy, you may be able to get away with a high limit plan, and simply keep the policy in force to protect you against catastrophic medical expenses.
While a high deductible health insurance plan might save you a few hundred dollars each month in premiums, you should consider this option carefully.
If it is likely that your medical expenses will approach your deductible each year, you may end up paying far more in medical costs than you will save in insurance premiums.
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