High Deductibles and Out-of-Pocket Costs

Analyze your Plan

You may think that it’s going to be less expensive with your monthly premiums if you increase your deductibles and your out-of-pocket costs. Look very carefully. Sometimes the difference in rates is so insignificant that you should not increase your deductibles or out-of-pocket costs. As you look at a comparison of rates you will find the sweet spot where it is more cost-effective.

Do the Math

For example, if you had an illness or accident and you used your deductible, would you actually save money overall by having a higher deductible and lower monthly premium? Or would you lose all of your premium savings on the utilization of that deductible when you go in the hospital? Always do your math first before choosing a high deductible plan. Compare a $500 deductible plan to $1000, $1500 to $2000 and $2500. This type of research can be cost-effective savings for individuals and for entrepreneurs starting their own business.  Find that sweet spot and you have the right plan for you!