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 kicks in. Higher deductibles can lower premiums but may lead to higher costs when you need care.

How do high deductibles affect my healthcare choices?

High deductibles can make you more cautious about seeking care, as you'll need to pay more upfront. This might lead to delaying necessary treatments.

Are there any benefits to having a high deductible plan?

Yes, high deductible plans often come with lower monthly premiums, which can save you money if you don't require frequent medical care.

What should I consider when choosing a deductible amount?

Consider your health needs, financial situation, and how often you expect to use healthcare services. Balancing premium costs with potential out-of-pocket expenses is key.

Can I change my deductible after enrolling in a plan?

Typically, you cannot change your deductible mid-year unless you have a qualifying life event. You can choose a different plan during open enrollment.