Family High Deductible Medical Insurance « Health Insurance Advisory

Family High Deductible Medical Insurance

Save money with an affordable family high deductible medical insurance plan. Americans 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. That is why family major medical insurance is expensive today. We expect the majority of  healthcare expenses to be paid by our medical insurance plan. 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 family medical insurance premium, then consider a family 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 family high deductible medical insurance plan can be 25% to 30% less than a traditional family medical insurance plan with a $2,500 deductible!  That is why family high deductible  medical insurance plans are very popular today.

As of Jan. 1, 10 million people were enrolled in HSA-linked health insurance plans, a 25% increase in a year, according to a recent annual census report.

While a $5,000 family high deductible medical insurance plan may seem more “risky” on the surface, the $2,500 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 $2,500 deductible medical plan, pays 80% until you pay an additional $5,000 out-of-pocket, your total financial exposure is actually $7,500.  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 $2,5000, plus the premium savings between the two medical plans.

tip Family High Deductible Medical Insurance

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

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

tip Family High Deductible Medical Insurance

Tip: a Health Savings Account (HSA) is an excellent choice for families who want to save even more money.

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

Whichever type of family medical insurance plan you choose, 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. You can even apply online too.

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 family high deductible medical insurance through healthinsuranceadvisory.org.

We can also help you save money on family dental insurance plans. Get an online quote today!

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