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What is a deductible? And how does it affect
what you pay on insurance? The deductible is the
dollar amount the insurance requires you to pay, out of
your own pocket, before insurance will begin to pay on
their percentage of the coverage. Most insurance
plans have a co-pay, or the amount you will pay, at the
doctor's office and/or on prescriptions. The
co-pay goes towards the deductible, as well as all other
expenses you pay out-of-pocket.
There is also a "maximum out-of-pocket" expense.
This is the dollar amount you will need to pay out in
total health expenses before the insurance plan will pay
100% on your costs .
Many people assume that the less you pay on
your individual or small group health plan deductible,
the less you pay on your total health expenses. |
REALLY? Think about it....where does the the
insurance company obtain the money to pay for "most of
your medical expenses"? When you are on individual or
small group insurance - the money comes from YOU.
The insurance company pads the deductible expense into your
premium...and then some.
(Need to understand more? Please read the previous
pages - My Story,
It's a Company,
Your Medical History,
Prescriptions and
Insurance Plans. They
will give you a detailed plan on how to save on your health
insurance and health care costs.)
This site proposes that a HIGH DEDUCTIBLE PLAN
saves you money by taking the discretionary money you
would normally
pay to the insurance company, and puts it back into your
pocket to spend OR save at your discretion.
The proof is in the numbers. The following PDF file
compares two different health plan. The first is a
Low Deductible, High Premium SMALL
GROUP insurance plan. The second is a
High Deductible, Low Premium
INDIVIDUAL insurance plan.
CLICK HERE for
the Health Plan
Comparison worksheet.
I didn't just pull random figures to create this worksheet.
This is a close approximation of
my family's ACTUAL
insurance costs comparing:
- Our previous Small Group Health Plan where the cost is
$900 per month,
to
- Our current
Individual Health Plan, utilizing OVERSEAS PHARMACIES, and
the cost is $450 per month.
You can see the savings when choosing a plan with
50% the coverage, at 50% the premium price!
{If anything, I am being generous towards the Small Group Plan
on the
Health Plan Comparison worksheet. Our
actual premium price was $932 a month, and the deductible
was actually $5,000.00. Our current premium price is
$438 per month}.
You can make a HIGH DEDUCTIBLE PLAN work by having
adequate savings in place to cover the deductible and
out-of-pocket expense, should you
need it.
Making all this work...
The key to making all the advice on this site work is having
a GREAT INSURANCE AGENT on your side. Let's move on to the
next page to learn how to pick an insurance agent, and to find
out about My Insurance Agent...
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