4 Ways to Get the Best Health Insurance for Your Family: Find Out More About Deductible Insurance
When you’re a parent, protecting and providing for your family is your number one responsibility. We all want everyone to be healthy and happy, and having the proper health insurance can ensure that.
Insurance helps pay for regular checkups, prescriptions, and also emergencies. In the United States, there are four major plans, but over 900 health insurance companies that all offer different rates, coverage, and payment methods.
We understand this can be confusing and overwhelming, so we’ve put together our four best tips on how to choose the correct one for you and your loved ones.
First, What Exactly Is a Deductible Insurance Plan?
Deductible plans require you to pay up to a certain amount out of pocket before your insurance starts to cover services.
For example, you can have a policy with a $1,000 deductible, and the medical bill is $4,000. You’ll have to pay $1,000 out of pocket, and the insurance company will pay for the rest.
It’s reassuring knowing if anything happens, you’ll only have to pay a certain amount, and everything else will be covered. However, if you go to a doctor’s appointment and everything costs $500, you’ll have to pay it all out of pocket. The coverage only kicks in when you exceed the deductible amount.
Plans are set up with high or low deductibles, which will determine how much you pay monthly for insurance. High deductibles result in a lower monthly charge, but more out of pocket payment, and low deductibles are the opposite.
Don’t confuse this with coinsurance or copay plans, though, as they function differently, but still have out of pocket payments.
Our Expert Tips
Know Your Family’s Needs
Deductible plans are suitable for those who are at risk of expensive procedures. You know you’ll be able to afford these as the only out of pocket expense will be your deductible amount.
However, if you think your family will just need regular checkups, you’ll have to pay for a lot with your own money. To understand the best plan, you’ll need to take an honest look at the health of your family.
As young adults or children, there might not be any significant risks but think about the medical history of the generations before yours to understand what might be a problem later on.
Understand Your Budget
Bills pile up every month, and most families have a strict budget they need to follow. Understanding what you can afford will help determine the right plan for you.
A high deductible plan is a lower monthly payment, but if there’s an accident, you’ll have to pay more out of pocket. A lower deductible plan will have you pay more each month, but you’re only responsible for paying a small amount on a large medical bill.
When you don’t have a large savings account, a low deductible will be better, as one accident won’t wipe you out completely. It’s a gamble, though, as you never know when or if an accident will happen.
Compare Companies
Every insurance company doesn’t offer the same thing. Do some research and find a handful that meets your needs. Then, take the time to talk to a representative about your specific questions, concerns, and needs to provide for your family.
Narrow down the plans that offer the proper coverage, and it’s in your price range for health insurance. The representative could even offer you a discount or a better rate than what they advertise.
Talk with Your Doctor
Many times your doctor has the inside scoop on how insurance companies work and how they need to charge you. Usually, you have a close relationship with your doctors, and they know what your family needs.
You should talk with them to see what plans work best with their practice and if they can give you any advice.
The Bottom Line
Health insurance is one of the most important things you can provide your family. It gives you a sense of security that if an accident happens, your loved one can have the medical help they need without creating a substantial financial burden.
There are so many types of plans and companies out there; it’s hard to understand what’s correct. Deductible plans can be an excellent option for you and your family.