Medical Insurance Deductible – How High Or Low Should You Set It?
When you sign up for health insurance, one of the first choices you are expected to make is how high you want your medical insurance deductible to be. What they are really asking is how much money do you want to pay directly to your health care providers before your health insurance kicks in and takes care of the rest. You may be thinking to yourself, “Why would I want to pay anything to my doctor? Isn’t that the job of the health insurance company? What am I paying health insurance for then?” Well, the simple answer is that there is a tradeoff between your annual medical insurance deductible and your monthly medical insurance premium. The higher your deductible, the lower your monthly premiums will be. The lower your annual deductible, the higher your monthly premiums will be. Now, if you are generally a healthy person who rarely ever gets sick, rarely ever goes to the doctor, doesn’t take any prescription medications, and you don’t need maternity coverage, then the equation is very s
