What would be the best deductible for me?

Question

I'm shopping for individual health care. I don't go to the doctor a lot max. 3-4 times a year.

I was thinking $1500 or $2500. But the thing is I don't even know what really the difference is.

Can anyone help?

Answer 1

If they cost the same then go with the lower deductible.  If the $1500 deductible is $10,000 more then go with the $2500.

Obviously the point is we need to know the cost.

Look at information on our site if you'd like.

http://www.InsurancePickle.com  

Answer 2

the difference is $1000 you either will or will not end up paying.  the higher your ded the lower your premium.

Answer 3

The higher number deductible the less you pay for premium.I prefer 1500.

Answer 4

Yes, the more the deductible, the less you'll pay in premiums.  Did you know that less than 30% of health plans satisfy their deductible each year?  That's because your deductible is generally only used for things like a broken leg or growth hormone procedure or something (ie. major problems and services).

Why pay for a low, maybe even 0-dollar deductible, when you never use it?

Going with a high deductible is a very smart idea.  It'll control the total cost of your health insurance.  Go with a well known company, with a coinsurance that will have the Insurance Company paying 100% IN-Network, and less out of network.  Make sure you know if your doctors are in your prospective insurance company's network.

If I was your agent, I'd say go with a $2,000 deductible "Traditional Fully-Insured Plan"  Get a good prescription drug option ($15-generic pills, $40-formula, $60-specialty pill is about average).  Have copay's for office visits be around $20-30.  Make sure "deductible is waived" for most basic office visits/test (means you don't have to satisfy the yearly deductible before the insurance company helps pay for services)

Do you have a spouse you're planning to cover?  Or child(ren)?  Many insurance companies promote their plans by saying it has a $1000 dollar annual deductible.  What they don't like advertising is that's the single person's rate.  I guess they figure we just know that families pay up to 3x that deductible for multiple members on one plan.  You'll see in/out network deductibles, but remember: those could be $3,000 or higher for families!

Go with a broker.  They're going to know which companies are the most competitive in your area, because it changes drastically from city to city.  Consultation is generally free.  Have a meeting with one, come with your current card, and a bill from your current company.

If you going it own your own (please don't - insurance is screwed up and complicated!) Mercy Health Plans, Group Health Plan would be good ones to look at.

Answer 5

A deductible is the amount you pay out of pocket before your insurance kicks in. Typically a normal visit to a doctor is just a copay (for example $10) and deductibles are for bigger things like blood work or xrays. Some plans do require you to pay towards the deductible for regular visits though. Depends on the plan.

The higher the deductible most likely the lower your premium will be because of the greater risk. For example, lets say you have to get xrays. You will either be paying $1500 or $2500 (depending on which you select now) before your insurance company will pay a dime.

It depends on how much risk you are willing to take.