If buying and comprehending health insurance weren’t complicated enough, many people today are also tasked with paying for and understanding coinsurance. Because the term can be confusing, we have prepared the following guide.
deductibles
The Pros and Cons of a High Health Insurance Deductible Plan
When it comes to choosing health insurance plans, one of the most important things to consider is the deductible. With any insurance policy, a deductible is the amount you must pay out of pocket before the insurance provider will pay for anything. While not every insurance plan includes deductibles, more than 80% of them do, so knowing which one is right for you is important. Many insurance plans are categorized by having a low deductible, meaning you only pay a little before the insurer begins to play, or a high deductible, which can be quite substantial. But because the premiums (costs) of high deductible insurance plans are lower, it can be a wise choice for some people.