A High Or Low Deductible Health Insurance Plan?

Posted on Posted in Education

How deductibles work

Generally, once you meet your deductible for the year your insurance will require you to pay coinsurance, which is another form of cost-sharing, until you reach your out-of-pocket maximum. Once this cap is met, your insurer pays 100 percent of covered services.

Insurance plans are a balancing act between deductibles and premiums. The more you are willing to pay each month on your premium, usually the lower your deductible.
High-deductible plans

For the insurer, a higher deductible means you are responsible for a greater amount of your initial health care costs, saving them money. For you, the benefit comes in lower monthly premiums.

However, high deductible plans do have downsides. Meeting a high deductible can seem insurmountable in the face of costly medical bills.

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