Is Raising Your Deductable On Health Insurance A Smart Plan?
The health care costs that most people are experiencing these days are putting a heavy burden on the budget of Americans
. The increasing cost of health insurance premiums as well as the higher cost of overall health care, treatments and well care are causing a health care crisis and as a result many people are being backed into a corner trying to decide whether to eat or pay their health insurance premiums.Of course there are several things that you can do if you find yourself and your family in this predicament but perhaps one of the most common solutions that people choose is to increase their deductible on their health insurance policy. At first glance this may seem like a solution to their problems this can actually lead to other problems that people don't often think about.
An increased deductible means that you will have to pay out of pocket for routine doctor visits and this will probably prohibit you from going to the doctor for the minor stuff. Check-ups can be your first defense against catching a larger health issue and avoiding them could be hazardous to your overall health.
Since most insurance policies don't pay the full amount for any service you could be left with $2000 to pay up front plus and additional 10-30% of the entire bill for a hospital say and this could add up very quickly. Even an emergency room visit may find that you wind up paying a lot of money since on average this would probably be less than your deductible and will eat up your cash pretty quickly.
Essentially if you are going to raise your deductible in order to save money on your health insurance then you are probably better off going with a catastrophic insurance policy instead. This type of policy will cover you for the larger health expenses associated with a major illness or injury but will leave you to pay the smaller office visits out of pocket. In the long run this is usually a more cost effective way to purchase insurance on a budget.
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