When referencing a low deductible it is in the line of $500 or $1,000.
These are most likely found when coverage is being provided through your employer.
Having a low deductible only means that you are paying a lower amount prior to your insurance carrier paying a percentage (coinsurance) in which you pay your percentage share towards the plans out-of-pocket expense limit in addition to your plans deductible. Any copays do not apply to the plan deductible or out-of-pocket.
A lower deductible will come into play better than a high when looking at outpatient procedures that total from $500-$2,000
When faced with a large claim such as hospitalization than a low deductible plan will pay them same when comparing high deductible plans, $2,500 or above, especially with 100% coverage after the high deductible, The main note is that the higher deductible plan can cost anywhere from 30-40% lower in monthly premium.
When choosing to pay the premium for a low deductible, the insured is making the choice in paying upfront to pay less at time of service. When choosing a higher deductible, especially HSA compatible, the insured is saving in premium and self insuring themselves for small expenses such as office visits.
Please contact the shoppe with any questions.
-The Shoppe
The Health Insurance Shoppe is Chicago's first storefront marketplace for individual, family and group health insurance coverage. You can walk in and shop for a comprehensive plan that fits your lifestyle, needs and budget.
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ReplyDeleteI was not aware that low deductible plan pays same comparing to high deductible in case of large claims if this is the case then when should high deductible preferred over low deductible
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