Many Americans with individual coverage or family health insurance opted for a high-deductible plan. Basically, these are insurance policies that charge monthly premiums lower than traditional plans because the insured persons are responsible for paying up to $ 5,000 or more in medical bills before their insurance benefits kick in. This type of policy is commonly called "catastrophic coverage."
Most people who buy catastrophic coverage are young adults or healthy adults between the ages of 50 and 65 who can afford the medical routine maintenance, but do not want a crisis unexpected health to ruin their finances. Before deciding on a high-deductible health insurance plan, consider all angles.
Benefits
- very low monthly premiums. This is by far the most attractive aspect of a high-deductible plan.
- Financially savvy individuals can combine a high deductible plan with a health savings account and save money for health care services.
- Under the reform of health care, these plans must cover 100 percent of preventive care with no deductible that requires to reach first.
Disadvantages
- In the unfortunate event that you need to use your catastrophic coverage, the insurance company will not pay a penny until you met your high deductible. If you do not have thousands of dollars to pay the deductible, you will find yourself in a difficult impasse. A health savings account could help you prepare for it.
- Having to pay out of pocket for doctor visits increases the likelihood that you choose not to see a doctor for minor ailments. Apparently small health problems can become major if gone untreated.
- Until 2014, when the reform of health care begins full, high-deductible plans can still secure a benefit ceiling of $ 1 million to $ 5. If you find yourself with multiple major health problems or chronic illness, this ceiling could be reached, leaving you responsible for all expenses after.
to become as well-versed as possible and make the right health insurance policy choice, speak with a knowledgeable health insurance agent. They can ask the right questions about your personal situation and point you in the best direction to meet your needs.
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