HDHPs vs. Low Deductibles: Which is Right for YOU?

When you’re looking at health insurance options, there are many choices to make. You may look at a plan with lower premiums or a plan with a lower deductible. Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!

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0:00 Intro
2:04 High Premium/Low Deductible
3:28 Low Premium/High Deductible


There are many factors to take into consideration when picking a health insurance plan.
Cost of Premiums
Deductible Amount
OOP Max
Benefits
Network

Your benefits and the network should be a given. If the plan in question doesn’t provide the benefits you need or allow you to visit your preferred doctors and hospitals, it’s not the plan for you.

All things being equal, you may find yourself having to decide between a plan with lower premiums and a higher deductible or a plan with higher premiums and a lower deductible. Let’s go over some of the pros and and cons of each.

Generally speaking, plans with higher premiums tend to have lower deductibles. They often also have lower copays or coinsurance. You’re paying a larger amount up front, but if you utilize your insurance frequently, this may work in your favor.

If you have extensive health needs, having a plan with higher premiums and a lower deductible may be better suited to your needs. You’ll most likely meet your deductible quickly and then pay significantly less for your healthcare. So, if you’re someone with a chronic condition or someone that needs to visit multiple specialists or doctors this may be a good idea. Also, if you have any medical procedures planned, you may be better off with more coverage.

If you have small children, you may want to consider a plan with a higher premium and a lower deductible. In general, children tend to get sick and injured more frequently than adults. You may be more likely to meet that deductible quickly. Also, if you have a family plan, you may be able to meet your family deductible before the individual deductibles are met.

Often plans with lower premiums have higher deductibles. These plans may seem more appealing. But, buyer beware. You may end up spending more in the long run if it’s not suited to your needs. You may have significant costs out of pocket if your plan has a higher deductible.

However, if you are in relatively good health and plan to make use of basic services covered prior to meeting your deductible, this may be a good option for you. You’ll still have protection should you need major medical care and may save money by opting for a lower premium plan. Should you need major medical care, you’ll have a higher deductible to meet but you’ll be protected with coinsurance or copays after that. There is also an out of pocket maximum to help prevent major medical debt.

Also, if you are interested in purchasing a plan with an options HSA (health savings account), your only option is a HDHP (high deductible health plan). There are many tax saving benefits of HSAs but your insurance options will be a little more limited.

If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or https://ihealthbrokers.com/



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