If you are considering getting a high deductible health plan to save some money on your insurance policy, you might want to rethink that decision. It does have its benefits, such as low premiums, but it does come with some disadvantages depending on your situation.
Deductibles are the amount that you have to pay out of the pocket before your insurance policy kicks in. But in exchange, you get lower monthly premiums which can help you save on health costs in the long run.
Rewards of High Deductible Health Plans
By paying less upfront for premiums, you can save more of your salary. It is the case of course for those who:
Simply saying that if you are young and healthy, you are less likely to reach your deductible. It is ideal for you when you only need the health insurance just in case something happens unexpectedly. High deductible health plans can offer you a sufficient coverage at low cost.
If you are fresh out of college youth in your twenties and are less likely to have serious health issues or be on multiple prescription medications, then you may be able to enjoy the flexibility of getting low premiums.
Drawbacks of High Deductible Health Plans
Having high deductibles also comes with a disadvantage. Since you are responsible for paying most of your bill, you tend to limit hospital visits and choose less expensive alternatives. It puts you in a condition where you need to think twice before going to the ER because you are weighing your options of whether you need medical attention or not.
You need to have funds at the ready enough to cover your deductible. If you don't, then you might feel tempted to skip on getting health care that you might require. Some even decide to forego colonoscopies or mammograms all in all because they can’t afford to pay out of pocket.
Even if your healthcare is not your priority, it still pays to have a backup in case you need it. Cutting costs to save money by increasing your deductibles might not be a smart idea if you or anyone in your family requires medical care on a regular basis.
The advantages and disadvantages of increasing your deductibles weigh differently. What you can be sure of is having health insurance is not something you can go without in your life.
At Roper Insurance Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (828) 697-6709 or Click Here to request a free quote.