Getting high deductible health insurance can be good for a variety of different reasons. But there are also quite a few negatives as well which can also affect your decision. That’s why it’s a good idea to explore different types of options, so that you can be sure that you’re able to find the right type of plan, that’s not going to be too costly or too risky on your part. With the right type of insurance, you can be sure that you are able to feel at ease about medical care, should you require it at any point. That’s why it’s important to consider both the pros and cons of any high deductible health insurance plan.
Some of the most common pros associated with a high health plan deductible are:
-Lower Premiums
It’s a fact that the higher your deductible is, the lower your premiums are going to be each month. That’s because the deductible you have to pay is the amount that you are required to reach annually, or on any operation or doctor visit before the insurance company will step in. if your deductible is higher, that means your premiums are going to be lower because you’re at a lower risk for costing the insurance company any money. Insurance is a for profit industry, so pricing is determined by risk level. The lower yours is the lower you can be sure that you’ll end up paying if things go wrong.
-It’s much better than not having insurance at all
While these plans are going to be very limited in what they can or what they will provide in most cases, you’re still going to find that they are better than having no insurance at all. So long as you have insurance such as this, you know that you have an ace in the hole should you require any type of major medical care, and that’s something that everybody needs, because you never know what’s lurking around the corner when it comes to your health.
But unfortunately, when it comes to high health insurance deductible plans, you’re going to find that there are more cons than positives:
-Healthcare costs are much higher
You’re going to find out that you’re paying quite a bit more in actual healthcare costs in most cases which is going to well more than even out what higher premiums would have cost you in the long run. For example, you end up paying most of the cost for doctor visits, as well as things like major operations, so long as they fall below a certain cost amount.
-Not all forms of healthcare are covered.
Another unfortunate byproduct of some high deductible health insurance plans is that they do not cover everything, or you have to pay out so much yourself it’s as if there’s no coverage. Prescription drugs is one of those things that fall into that category, and you’re going to find that you have to pay a lot more money in prescription costs than you might like to pay, because of just how some plans are arranged. The same is true of a lot of doctor visits. Although in some cases these plans will provide a good amount of preventive care, this is not always true.
-They are risky to have in some cases.
While high deductible health insurance plans are better than none, they are not much better in some cases. They provide so little actual coverage, and require you to meet such a high margin that you’ll be forced incredibly deeply into debt before your health insurance company is going to provide you any type of coverage whatsoever. That means you’re really playing Russian roulette with your health, and that’s something nobody wants to be doing.
But there are plenty of alternatives that you can do instead of getting a high health deductible plan. Try opening up a Health Savings Account, as they can cut into that deductible, and allow you to set aside tax free money for a rainy day. There’s always a solution out there for low income families, to ensure that you’re still able to get coverage, without having to risk paying thousands upon thousands before your insurance company will help you.