High Deductible Medical Insurance « Health Insurance Advisory

High Deductible Medical Insurance

Save money on medical insurance 300x200 High Deductible Medical InsuranceMajor medical insurance is expensive today because Americans expect the majority of  healthcare expenses to be paid by their medical insurance plan.  We have grown accustomed to paying small copayments for physician office visits and other medical services, yet the actual cost of these healthcare is significantly greater.  Can you imagine how expensive automobile insurance would cost if it covered car washes, oil changes and tune-ups?

If you want to reduce your medical insurance premium and have more low cost coverage, then consider an individual medical insurance plan with a higher deductible.  When you assume more financial responsibility by selecting a higher deductible, your medical premium can be reduced significantly.  For example, the premium for a $5,000 high deductible medical insurance plan can be 40% to 50% less than a traditional medical insurance plan with a $1,000 deductible!  That is why high deductible medical insurance plans are very popular today.

While a $5,000 high deductible medical insurance plan may seem more “risky” on the surface, the $1,000 deductible traditional medical plan may actually end up costing you more.  Why?  After you satisfy the deductible, medical insurance plans pay a percentage (called coinsurance) of covered healthcare expenses until you satisfy the maximum out-of-pocket expense.  If the $1,000 deductible medical plan, pays 80% until you pay an additional $5,000 out-of-pocket, your total financial exposure is actually $6,000.  However, if the $5,000 high deductible medical insurance plan paid 100% of covered healthcare expenses after you satisfy the deductible, then your total financial exposure is only $5,000.   That means your total financial risk is reduced by $1,000, plus the premium savings between the two medical plans.

tip High Deductible Medical Insurance

Tip: if you choose a high deductible health plan, set aside the premium savings to help cover the higher deductible should you have healthcare expenses.

Since the passage of the new healthcare law, high deductible medical insurance plans are even more attractive because new policies issued on or after March 23, 2010 are required to pay 100% of preventive screening services.  That means you have greater peace of mind knowing that your preventive care is free.  You do not have to put off seeing a physician for routine care just because you have a higher deductible.

tip High Deductible Medical Insurance

Tip: a Health Savings Account (HSA) is an excellent choice for individuals and self employed business owners who want a low cost high deductible medical insurance plan and tax savings.

For help with selecting the right individual medical insurance plan and evaluating your financial exposure between medical plans, use our Buyer’s Guide and Checklist.

Whichever type of individual medical insurance plan you choose, it pays to shop and compare the rates and coverage levels of a few companies because health insurers often use different statistics and formulas to calculate rates.  Our online medical insurance quotes allow you to compare rates and benefit levels from leading health insurers in your area so you are assured of getting the best deal.

The medical insurance premium you pay is the same as buying direct because health insurance rates are regulated.  You have total peace of mind knowing that you are paying the best possible price for high deductible medical insurance through healthinsuranceadvisory.org.

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