| As many compare health insurance plans, they are | | | | Deductible |
| always faced with the question of whether to go with | | | | Doctor's copays |
| high deductibles or low deductibles. This is not a | | | | Coinsurance |
| straight cut question and answer situation. Each person | | | | Other out of pocket (OOP) expenses |
| would need to understand the pros and cons of each | | | | All the cost above will differ from plan to plan. In some |
| plan and then armed with this information, they can | | | | plans, you would not have to pay for coinsurance or a |
| then decide which plan is best for them. | | | | high monthly premium or a high deductible. I have |
| Many people are usually most concerned with the | | | | always insisted that the very first thing to do is to |
| monthly premium they would have to pay as a way of | | | | determine your health needs. |
| knowing what that health plan would cost them. | | | | Generally, high deductible health plans (HDHP) seem to |
| Nothing can be more mis-leading than this. The lower | | | | favor people who have less need for frequent |
| your monthly premium, the higher deductible would be. | | | | medicare. If they do not need medical care, then they |
| I think we should go back for a bit and ask what a | | | | wouldn't have to pay the high deductibles or eve |
| deductible is. | | | | coinsurance. While on the other hand, people who |
| What is a Deductible? | | | | need frequent medicare benefit more from low |
| A deductible is an amount you are required to pay | | | | deductible health plans (LDHP) because though their |
| before your insurance kicks in. Usually, if you do not or | | | | premium is higher than the in the HDHP, the frequency |
| can not pay your deductible, you can not access the | | | | at which they receive medical care makes it worth it. |
| benefits of your health insurance coverage. | | | | Note, this is a general statement. |
| Above, we looked at the fact that having a low | | | | From the above, you can see that which plan would |
| monthly premium is by no means a representation of | | | | be best for you would depend on your health need. It |
| the cost you would bear. On the other, looking for low | | | | is therefore very necessary that you first determine |
| deductible plans would not necessarily save you | | | | what your health needs are. |
| money since your monthly premium would certainly be | | | | You can begin to get more information about different |
| high. | | | | health plans online. Just compare health insurance rates |
| How then do I choose a plan? | | | | by getting free quotes from quotes comparison sites. |
| First understand where your cost are coming from. | | | | This exercise would improve your ability to choose the |
| These are: | | | | ideal and most cost effective health plan for you. |
| Monthly Premium | | | | |