Should I Choose a Traditional Health Insurance Plan or a High Deductible Plan?
Should I Choose a Traditional Health Insurance Plan or a High Deductible Plan? Answer: A traditional health insurance plan works on a system of copays and deductibles. The plan helps to pay your doctor’s bills, lab tests, and prescriptions from the first day. There may be an initial deductible to be met, but it is usually lower. Additionally this may not apply to doctor’s visits. A high deductible plan has a high deductible that you must meet before the insurance will start paying for your office visits, lab tests and prescriptions. In order to qualify as a high deductible plan the deductible must be at least $1000.00. The average deductible is $5000.00 dollars. Often once you have reached the deductible the insurance will kick in with one hundred percent coverage and you will no longer need to pay additional costs. It may be a difficult decision to choose which type of plan to purchase. The high deductible plans have a lower premium. If you are healthy, and are looking for a way to cu
Related Questions
- Tax23 I am already enrolled in a high deductible health insurance policy that is switching to a HSA plan design soon. Am I eligible to take a deduction for a HSA contribution?
- My husbands insurance just changed to a HIGH DEDUCTIBLE HSA/HRA plan. How does this change from the traditional deductible that we had in the past?
- Should I Choose aTraditional Health Insurance Plan or a High Deductible Plan?
