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High Deductible Health Insurance

Health insurance alternatives

High Deductible Health Insurance

High deductible health insurance plans, like the name implies, are health insurance plans with a very high deductible, generally between $1,000-$5,000, where coverage only kicks in after the deductible is reached. This means that any medical care that is less expensive than your deductible will not be covered. One advantage of high deductible insurance plans is that you can set up a health savings account that sets aside money for your health insurance plan before taxes and thus increases its value. High deductible health insurance policies also do not cover any pre-existing conditions. They also cannot be used in most cases for prescription medications or any non emergency medical care. With that said, these plans are very affordable so it is worth it to get a quote if you think you may be interested.

What COBRA insurance alternatives should I consider?

Advantages of High Deductible Health Insurance Plans

  • Very inexpensive compared to individual insurance plans and COBRA
  • Allow you to choose medical care and covers you for any major expenses
  • Quick and easy sign up in many cases

Disadvantages of High Deductible Health Insurance Plans

  • Almost always limits or excludes for pre-existing health conditions for any family members
  • You will not be able to make regular doctor visits unless you are willing to cover the cost
  • You are responsible for finding a plan and maintaining coverage
  • Does not cover wellness or preventive care
  • Can increase difficult of qualifying for a permanent health insurance plan if you develop an ongoing health concern under the coverage
  • Most likely will not cover prescription costs

High Deductible Health Insurance Plans are best for:

  • People who are generally healthy and do not have pre-existing conditions
  • People who do not go to the doctor frequently
  • People who do not need ongoing wellness or preventive care
  • People looking to minimize costs
  • People looking for a low cost health insurance option

How to Research and Find a High Deductible Health Insurance Plan

Step 1:

Do your research:

In order to find the best coverage and price for you it is important to research multiple high deductible health insurance providers. A good place to start is getting instant online quotes and exploring individual insurance provider websites.

Step 2:

Read the fine print:

The quality of a high deductible health Insurance plan lies in the fine print. Make sure you understand your monthly premium, what it covers, deductibles, co-payments, and any limitations or exclusions.

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