Deductibles
There are many different types of health insurance plans in the marketplace. It is our job to make the process as simple and efficient as possible. Let's explore a little bit more about health insurance. Deductibles play a large role in determining the premium for your health insurance plan. Below we outline what you should take into consideration when choosing a health insurance plan.
What Types of Plans Should I Look For?
There are way too many plans to choose from and it can become very intimidating. Let us try to break down the basics of the types of plans in California that you might come across.
- HMOs (Health Maintenance Organization). These types of plans are one of the most affordable in the marketplace. This is primarily because of the managed network structure that is in place. Individuals who have this type of coverage have to designate a primary care physician , which will be the starting point for all medical services that might be needed through out the year.
- PPOs (Preferred Provider Organization). This is also another affordable individual health insurance plan that gives people access to all health care providers within the network. Additionally, you can also go out of network and most plans will cover you for care as well. This type of health insurance is flexible and affordable.
- HSAs (Health Savings Account). The HSA is primarily used for tax-free strategies so individuals can save some extra money during tax time. Also, HSAs have high-deductible plans which are primarily used as "just-in-case" insurance, or catastrophic coverage for those unfortunate emergency events.
Understanding How Deductibles Are Associated With Your Plan
Deductibles. This is the amount of money that you are responsible for before con-insurance kicks in on your individual health insurance plan. Usually, the lower the deductible, the higher your monthly premium.
- Usually, the higher the deductible on the plan, the lower the health insurance premium
- Healthy people should consider choosing a higher deductible plan to offset the high cost of health insurance
- If insurance is something you use consistently for your health care, then a lower deductible plan might help you save money in the long run
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