Determining the right deductible amount is sometimes the most challenging part of choosing the right health plan, but it doesn’t have to be. While some have shied away from purchasing health plans with low or no deductibles, others have found the benefits of having no deductible health insurance refreshing. With some basic research, patience, and advice from an insurance agent you can trust, you’ll be confident that you made the right decision.
Deductible Basics
Let’s start with the basics, a deductible is the amount of money paid to a health insurance provider before your benefits begin. Low-deductible and no deductible health insurance plans are a useful option to consider when choosing the right health care plan for you and your family.
It’s important to understand the benefits and downfalls when deciding whether you should have a low or zero deductible health plan instead of a high-deductible health plan. Remember that until a deductible is met, an insurance provider will not cover any portion of your medical expenses. Pay close attention to health plans you select, coverage options will depend on which plan you choose.
What Does No Charge After Deductible Mean?
With most health insurance plans, once you hit your deductible, you’ll still need to pay some out-of-pocket expenses. Things like copays and coinsurance. However, if you have a plan that includes no charge after deductible, then you’re insurance carrier will cover 100% of your costs after you reach your deductible.
Are There Health Insurance Plans With No Deductibles?
Yes. In fact, there are many health care plans that have zero deductible or no deductible options. HMO’s typically offer zero deductible health insurance options. Some of the plans include minimum essential benefits such as annual checkups, prescription medication and/or preventative care. These services are provided without a deductible instead they may require a co-pay fee.
If you’re in good health and don’t see any major medical needs for the foreseeable future, it is recommended to try a health plan with a high deductible plan with low monthly premiums. Remember that good health can be fleeting, so try to set money aside in the case of a medical emergency. If you aren’t sure if you should purchase a no deductible insurance plan, contact an insurance agent that is licensed and can guide you to make the right choice.
Is It Better To Go High Or Low?
Selecting the right deductible will solely depend on your situation. There is no right answer as to whether a high or low deductible is right for you, but you can read more about the benefits of each here. However, determining the right deductible typically comes down to how many people are on the policy, your budget, your medical history, and whether or not you are purchasing supplemental health insurance or have an HSA.
What’s A Good Deductible
High-deductible health plans (HDHP) are plans whose deductible amount surpass a limit set by the IRS. This limit is subject to change, as of now the IRS considers plans with a $1,350 deductible for an individual and $2,700 deductible for a family.
High-deductible plans have a number of benefits for both the insurer and the consumer. For the consumer high-deductible plans means lower monthly premiums. The tradeoff, however, is that you’re on the hook for a greater amount of upfront expenses should you need serious medical care. Insurers benefit from high-deductible health plans because it saves them money.
Conversely, low-deductible health plans or zero deductible health insurance can be stressful. Of course, your monthly premiums are more expensive, but you have peace of mind knowing you’re covered should you need long-term or serious medical care.
When You Should Consider A Zero Deductible Plan
Because a no deductible health insurance plan can cost almost twice as much per month, they are recommended for people who do not expect to need medical care in the near future. People who do not have children are recommended to pay for insurance with higher deductibles.
Families with small children, however, can benefit from no deductible health insurance plans. People who suffer from chronic conditions or illness repeat hospitalizations, or children who are frequently sick or play sports should consider zero deductible health insurance, as it would save them money monthly.
Other Costs To Consider
A good deductible is one that meets you and all your family’s needs. A deductible rate is something that should fit nicely into your budget, without breaking your pocket. Of course, there are other costs to consider, such as coinsurance, co-pay, a prescription medication that may not be covered under your insurance plan. Keep these costs in mind when you decide to sign up for a zero deductible health insurance plan.
No Deductible Health Insurance Quotes
The easiest way to determine whether or not you’re a no deductible health plan is right for you is to speak with an experienced broker or agent. It’s the job of agents and brokers to help individuals and families find health insurance plans that fit their needs.
First Quote Health makes it easy to not only find an experienced agent in your area but also makes it easy to compare no deductible health insurance quotes available in your area. If you decide a zero deductible health insurance plan is right for you, then you can get a quote within minutes, and enroll today!