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Chiquita | High deductible, low premium? |
hello,
can someone please explain insurance terminology?
what does high deductible mean? who should get this and who SHOULDN'T? i am trying to help my parents by purchasing insurance for them. Dad's 51, smokes...Mom's 50 never smokes (no drinking either) no weight problems. No history of cancers etc.. I am not sure what to even look for.
I am 23 F healthy, no history of sickness etc..for myself should I get high deductible and low premium?? and for my parents low deductible and high premium?? i am so confused I dont know what all this means. I checked out some rates on e-healthinsurance...you can compare rates..it gave me a range of amounts. I just can't decide!
HELP please :)
thank u much |
 |
 
mbrcatz
|
High deductible means a large amount of money out of your pocket, before the insurance kicks in. It's particularly useful if you want to save money on the premiums, and don't visit the doctor much.
Even with a high deductible, you're parent's premiums are going to be HIGH, because of their age. |
|
Baby Girl Due May 2009!
 |
A high deductible means that you have a large amount to pay before the insurance company will pay on anything. For example with auto insurance a high deductible would be $1000 & that means if you get in a wreck & want for us to pay for your car to be fixed you will have to pay us $1000 first. In health insurance you might have like a $2500 or A $5000 deductible. And for having a high deductible you will pay a lower premium because instead of paying right now for your coverage you will just pay your deductible when you need coverage. Its sort of confusing but thats the easiest way to explain it. If you are in Texas & need some health insurance you can email me & I can give you a quote. I hope this helps! Good Luck :) |
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Lori S
|
Since you are being very responsible and trying your best to do the right thing, it might be a good idea to find and independant agent and give him your general info (just what you explained in your question). Let him (or her) find several plans that are available and meet all your medical and financial criterias. He can explain the details on what each covers. Then you can make an educated decision. This is too important to be left to an internet search! Good luck! |
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wtouceda
|
Deductible is how much YOU have to pay before the insurance covers you.
Example: Deductible $1000. Whatever happens to the persons, if it is less than $1000, YOU pay. If you have surgery and it costs $50000, you pay $1k, the insurance $49k |
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zippythejessi
|
Your objective is to spend the least amount of money you can.
For someone who is healthy and doesn't go to the doctor often, you want a low premium, high deductible plan. Let's say you pick a plan, let's call it Plan A, for yourself that has a $125 premium a month, but a $5000 deductible, after which, the plan pays 80% of charges. (I know, it sounds scary.) If you go to the doctor once a year for a minor illness and once a year for a checkup, those visits would average out to be, just for fun, let's say $400. So, you're going to pay $1500 a year in premiums, and that $400 in doctor bills, which equals $1900 a year. (I'm using high numbers on the doctor bills, because some doctors charge an arm and a leg for some things.)
For someone who sees a doctor more often than a couple of times a year, you'd rather pay more for a premium and less on a deductible that you'd probably meet quickly. Let's say plan B costs $500 a month in premiums, but only has a $100 deductible, after which the insurance pays 80%. (It's rare to find one that pays 100%) So, for someone who has some health issues, and sees a doctor five times a year to make sure their medications are regulated. The premiums are $6000 a year. Plus the $100 deductible. Then the patient pays 20% of $2000 in doctor bills. That's another $400. So, they're paying a total of $6500 a year. If they went with Plan A, they'd be paying $7500 a year, minimum.
The one thing with plans with deductibles, you never pay the provider up front! EVER. You ALWAYS want the plan billed first. The insurance will then tell the doctor how much to bill you. (It's RARELY if ever the billed amount. ) You'd pay what the insurance would pay. (Unless it's not a covered service or the doctor's not participating in your plan.) If the doctor bills $100 for a visit, but the insurance would only pay $52 - you'd only have to pay $52. That's why I said I went high with the guesstimation of doctor bills. |
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Laissez-Faire Guy
|
High deductible means you'll pay the first X dollars per year, before the insurance kicks in and starts making payments. This is generally the best option for those in good health who can afford to cough up the deductible amount should they need significant health care.
A low deductible is more suitable for those who need medical care often.
Generally, even if you end up needing significant care, having a high deductible and lower premiums winds up cheaper annually then low deductibles and higher premiums.
Basically, if your parents have adequate money saved to pay the deductibles, go for the high deductible policy. If they don't need the care, they'll save even more. |
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tiscpa
|
It really depends what it covers, but basically you're thinking correctly.
You do need to verify what is covered and how much is covered when comparing the two.
You also need to look at your income versus your finances.
Do you make enough to cover up to the deductible if something would actually happen to you. If not, then how would you be able to come up with the money.
So, basically you're on the right track, but you still may want to take into consideration what can you actually afford.
Think of a car. Lets say you bought insurance for a car with a high deductible of $1000. If an accident actually accured, would you be able to come up with enough money unexpectedly to get the repairs done to keep driving or would you be out of luck with no car?
Look at health insurance in a similar way.
Start out the way you're thinking, you can always upgrade in the future if you feel the need to.
Do what you're thinking. |
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AZBlue
|
In my opinion, everyone should have a high deductible, whether rich or poor.
High deductibles work as an incentive to get healthy, or stay healthy. It's tough to meet the high deductible when a person has few reasons to go to the doctor. Insurance is designed to cover losses that would generally wipe a person out financially.
Your father may think twice about quiting smoking, realizing that in addition to the annual $1200-$2000 in cigarette costs, he now has $5000 in deductible.
Most Blue Cross plans offer smoking cessation counseling, annual physicals/gynecological exams without having to meet the high deductible first.
An excellent idea would be for your parents, and you, to purchase an HSA, (health savings account,) qualified plan from Blue Cross. These are high deductible plans, and give a tax incentive to stay/get healthy. Your local Blue Cross website will have plenty of information on these plans, and you can apply online as well. Your parents will appreciate your forethought in suggesting this type of plan, confirming their belief that you are a genius! |
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