Health Insurance: High or Low Deductible

Are you buying an individual health insurance policy? If so, you probably know that choosing a deductible is very important. This is one detail of a health insurance policy that you definitely need to strongly consider. In fact, your deductible will have a lot to do with how much you pay, and much more.

As mentioned above, your deductible will affect your monthly premium. Generally speaking, a high deductible will allow you to keep your premium low. Of course, if you want better coverage, you will want to start out with the lowest deductible that you can afford. You will find health insurance policies that offer zero deductible all the way up to thousands of dollars. A simple comparison will show you how much money you have to pay in correspondence with each deductible level.

What is a deductible, you may ask? This is nothing more than the money that you have to pay before your health insurance kicks in. So if you have a low deductible, you can expect your health insurance company to start paying sooner than they would if you had a high deductible.

Overall, the deductible that you choose is one of the most important steps of purchasing an individual health insurance policy. Make sure that you consider the pros and cons of both a high and low deductible health insurance plan.