There are many options available for those looking for health insurance plans, mainly low or high deductible policies. With so many options available, it can be difficult making the right choice without learning more about the benefits and risks associated with the individual policies.
Now you may wonder what a deductible is. It is the money you have to pay for medical bills before filing claims and before your insurance provider starts paying your claim money. The amount of these deductibles come in various amounts, and is mentioned in your insurance contract.
In case of low deductible health insurance policies, you have to pay higher premium amounts. In other words, the premium is the amount you pay out of your pocket or pay check for your insurance coverage. So basically, the lower the deductible, the higher the premium amount and the higher the deductible amount, the lower is the premium amount.
High deductibles of perhaps $5000 is risky as if you fall sick, you have to pay the $5000 before your insurance provider covers your bill. Only the healthy people who don’t fall sick often benefit through high deductibles. However if you have health problems where you may run high medical bills during treatment, it’s better to opt for low deductible health insurance.
The benefit of this policy is that if you are sick, you have to pay a low deductible amount for doctor visits and hospital stays after which your insurance provider starts accepting your claims. However if you opt for this health insurance policy, make sure you can afford the high premiums associated with this policy.
So it is important you do your research before you choose the right health insurance policy for you and your family. Look for a policy that provides you with the necessary and right coverage at a price you can afford. Remember that the right policy can protect you financially during accidents and illnesses.