What is the impact of deductibles on health insurance?

What is the impact of deductibles on health insurance?

Deductibles are the amount you pay out-of-pocket before your insurance starts covering costs. Higher deductibles can lower premiums but may lead to higher costs when you need care.

How do deductibles affect my overall healthcare costs?

Higher deductibles can mean lower monthly premiums, but they may increase your total healthcare spending if you require frequent medical services.

Are there any strategies to manage high deductibles?

Yes, consider setting up a Health Savings Account (HSA) to save for medical expenses, and shop around for services to find the best prices.

What happens if I can't afford my deductible?

If you can't afford your deductible, you may delay care, which can lead to worse health outcomes. It's important to discuss payment options with your provider.

Can I change my deductible amount?

You can typically change your deductible during open enrollment or if you experience a qualifying life event. Check with your insurance provider for specifics.