When it comes to health insurance, should you go with the lowest deductible?

Question

My husband and I are both in school and he works part time, I work full time. Im setting up my benefits, but I dont know what to do about the medical stuff. We are trying to save money (school expenses) so what would be the best to go with? We dont visit the doctors often, however its nice to have the insurance if an accident happens or sicknesses. What do you think? How can we get good coverage but not pay a fortune?

Answer 1

You both have to look at it this way, the lower your deductible the higher your premium. This means that you will end up paying more out of pocket in case of any major incident.  So now what you have to search into is, what Insurance company can you afford for the coverage you need that is not only affordable but with great quality as well.  There's nothing worse than paying a lot for very limited coverage, especially as a student you definitely have no money to waste!

If you have any questions I'm an agent for MEGA Life & Health, feel free to email me at [e-mail]

Answer 2

Hope this resources is useful for your question,It is working for me.Have a look,it is free.http://health-insurance.expert-tip.info/...

Answer 3

A low deductible won't save you money. Add the annual premium to the annual deductible. This is the worst case scenario. The lowest combined cost is often an HSA type plan at about a $3,000 deductible. This is one of the most affordable plans available. So if nothing happens during the year - you saved money. If you do have a serious  accident or illness your risk is $3,000. With a traditional plan your risk usually isn't much less, and even after you have met your deductible you still have to pay doctor and prescription co-pays.

For more info about HSA's see link below.

Don

Answer 4

rarely does it make sense.  Do the math.  If a  $500 deductible cost more than $500 per over a $1000 deductible than do the $1000...so on and so forth.

I had someone send me an application just today and they signed up for a plan that cost $1900 per year more than a plan that has a deductible only $900 higher.  This makes NO sense.  Plus the higher deductible actually covered more.

Do the math...go with what makes sense.

Hope that helps,

Jeff

Answer 5

I dont think we have a choice with ours.

Its $20 copay per dr's visit,$50 for ER,and meds vary..some I pay $4..some $20....

eyeglasses and or contacts I get $200 every 24 months and eye dr copay is $25 each visit.

hmm so I dont think we even have a deductible..?! Ima have to check.

We do have very good Ins though thru hubbys work.We pay like $6 a week for a family of 6....apparently w/no deductible...

If you're both in good health I'd prolly go with the higher but you never know when a accident can happen or one of you get sick.I think I'd check the difference.How much are you saving by going with a higher one?! You go with the higher one and set up a medical emergency fund.Add to it when you can,hope nothing happens until you get at least enough to cover one of you if you need it.

Answer 6

The lower your deductible, the higher your monthly payments are going to be.  despite this, I would stick with the lower deductible because if you get in to an accident or get sick, you don't want to have to pay large amounts of money out of pocket.

It is possible to find good coverage for an affordable price. You just need to do your research and learn which type of policy is the best for you and your husband.  Make sure you get quotes from a few different companies before deciding which company to go with.

Answer 7

Try this one - http://healthplans.my-age.net - I personally have their health insurance. It is affordable and has good coverage.

Answer 8

It's a trade off.  What happens if you pick a low deductible plan and then get into a car accident or fall down the stairs and have $2000 in out of pocket expenses?  My guess is that any student would be screwed.  I'd go with the low deductible until you have cash savings enough to take on the risk.

Any game where the worst outcome could break you is not a game you should play - regardless of the likelihood.  Just imagine if you couldn't afford tutition!

Answer 9

I am like you, I rarely (if ever) go to the doctor, however I also do not want to be liable for the rest of my life financially should something happen and land me in the hospital. I actually risked it and couldn't afford insurance for quite some time, then I found Ameriplan which isn't insurance but actually a discount health plan organization which I have been with for 2 years now.

You can take a look at the plans, etc. at http://www.mybenefitsplus.com/cberney

I have since also enrolled with a high deductible insurance plan which keeps my monthly fees lower and yet is in place should something major come along. You can find plans with deductibles around $5000-10,000 and granted it won't really come into play except for something huge, but I use the Ameriplan discounts along side with it all throughout the year for any doctors appointments I may need or even dental cleanings, etc.

Hopefully this will help you out a bit and let me know if there is anything else you would like to know and I will see if I can help at all.

Good Luck!