Have you heard about the new High Deductible Health Insurance Plans? These new plans can offer you major medical coverage at very low prices when compared to other types of health insurance. Let's take a look at what this type of plan is all about.
High Deductible Individual and Family Health Insurance Plans
HDHPs or High Deductible Health Plans are growing rapidly as Americans look for ways to save money on health insurance. If you're looking for low cost health insurance, and want coverage for serious injury or illness, a high deductible health plan may be just what you need.
A high deductible health plan is designed to protect you and your family from high medical costs and encourage preventive health care. If you are reliably healthy, this plan can save you a lot of money. This is how it works:
1. You choose from a selection of high deductible amounts ranging from $ 500 all the way up to $ 10,000 depending on which insurance company you are working with.
2. You agree to a health insurance plan in which you are responsible for medical costs up to the deductible amount you have chosen.
3. After you have reached your deductible amount, the insurance company agreements to cover up to 100% of your medical costs, up to the policy limits.
Choosing a high deductible health plan can dramatically reduce your monthly payments dramatically. As much as 50% in some cases. The downside of high deductible health insurance, is that you absorb some of the risk for medical costs. For instance, if you were to choose a $ 3500 deductible, then you would be liable to pay that amount before the health insurance begins to pay. Many of these plans offer 100% coverage once the deductible has been met, which means $ 3500 is the most you would have to pay in case of a serious medical issue.
High Deductible Health Insurance Quotes
Because almost all major insurance companies have made their medical plans available online, you can go shopping for health insurance any time, night or day, and find high deductible individual and family health insurance quotes in a matter of minutes.