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Deductible or No?

What is a deductible? A deductible is a set amount that the policyholder is responsible to pay for medical costs before the insurance company will start to pay claims. I have seen plans range from having no deductible to have a deductible up to $9,000.

 

Why choose a plan with a deductible? The main reason is the lower cost. The premium of the plan is typically lower with a higher deductible. People with low health care needs are usually ones to choose these plans. They want to save on their health plan, and don’t typically go see the doctor often.

 

Most people don’t like deductibles because they have to pay for health care services out of pocket. More than 58% of Americans don’t have $1,000 saved for medical expenses. It can get quite costly to have to pay out of pocket with a deductible.

 

How do you determine what’s best for you?

Ask yourself these questions:

·       How much are you able to afford on the premium – the monthly cost?

·       How often do you seek medical care?

·       Do you have any chronic illnesses?

·       Do you have any money saved in case you need to seek healthcare?

 

 

Sitting with a licensed agent will help guide you to ask the right questions and determine what is more suitable for you!

 

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