Medical insurance deductible costs can vary by plan and sometimes by person. Most plans come in high and low-deductible coverage. Insurance plans are a balancing act between deductibles and premiums, and choosing a plan depends on many factors.
Deductibles are the amount you pay out of pocket for your health services before your insurance provider covers the cost for you. This is a separate fee from your premiums, which you pay monthly for your health insurance.
Types of Medical Insurance Deductible Plans
Health insurance plans can come in two forms: high-deductible or low-deductible plans.
Enrolling in a high-deductible health plan means that you are responsible for covering more of your initial healthcare costs, but you pay a low monthly premium rate. With low-deductible health plans, the amount you pay out of pocket to cover your initial health care costs is far lower, but you’ll pay higher monthly premiums.
Though one plan may initially sound better than another, the benefits of enrolling in one policy over the other depends solely on personal preference after examining a few factors regarding your healthcare needs.
How Do I Know Which Medical Insurance Deductible Plan Is Right for Me?
Typically, high-deductible plans work better for individuals who are generally healthy and do not have young children. Since health plans come with free preventive care regardless of the type of plan you purchase, you won’t need to worry about paying deductibles for services like cholesterol or blood pressure screening.
However, for those who require a considerable amount of medical care, the low-deductible plan might work best. Individuals with chronic illness or who need specialist visits, hospitalization, regular treatment, or therapy may find that paying more in monthly premiums can ultimately help them save more money.
No matter your medical needs, the licensed agents at HealthMarkets Insurance Agency are trained to help. We will work with you to learn about your medical and budgetary requirements to help you find the right plan with the right medical insurance deductibles. We can compare health plans to help you make the right choice for your health.
Give us a call today at (800) 360-1402 to get the right health plan for you and your family.