Cheap Healthcare Insurance Deductibles Aren't Always the Best Option and Here's Why
Looking for cheap healthcare insurance? If you are, one of the most important numbers to know is the deductible. That is the amount you pay before your health care insurance starts footing the bill.
Choosing a plan would be very easy if a low deductible was the only consideration. Here are a few other things to consider when comparing cheap health insurance deductibles –
- A cheap deductible is only one part of finding the cheapest health care insurance. You also need to consider the coinsurance. Coinsurance is a percentage of a health care service you pay after you’ve reached your deductible. For example, if you have a low deductible of $500, make sure your coinsurance isn’t high, such as 50 percent. That means that if you end up in the hospital, you’ll pay $500 for the deductible, plus 50 percent of whatever the hospital charges the insurance company up to your maximum out-of-pocket. That cost could be in the thousands.
- What is the maximum out-of-pocket? This is also a very important number, because that’s the maximum you pay out of pocket in a policy period (usually a year) before your plan starts to pay 100 percent for covered services. If you have a serious medical issue, it’s important to know that there is a cap on what you may pay. This dollar amount does not include what you pay in premiums.
- If you have a low deductible and a low out-of-pocket maximum, you probably will have a very high premium, which may mean that your health care insurance is not cheap – unless you use a lot of health care services.
The following tables show a comparison of charges for having a baby on two types of healthcare insurance plans for a 25-year-old single woman in Wisconsin. One is a Gold level plan with a deductible of $1,350. The other is a Platinum level with a deductible of $200.
You can see that even though the platinum healthcare insurance plan has a very cheap deductible, your out-of-pocket costs are still $1,130.
Get started by having a look at our affordable health care plans or chat with our friendly and knowledgeable customer service representatives at 800.362.3310.