Are you aware of the new High Deductible Health Insurance Plans? This plan offers coverage of major medical expenses at extremely low prices when compared to various other health insurance plans. Let us see what this plan is all about.
HDHPs are becoming popular among Americans as they allow you to save your money on health insurance. If you want coverage for major illness or injuries at a low cost then High Deductible Health Plan is what you need to consider.
A high deductible plan is designed to provide you and your family protection against high medical costs. It also encourages preventive healthcare. If you are young and healthy then this plan can save you lots of dollars. This is the way it works:
- Depending on the insurance company you choose, you select an amount of high deductible ranging from $500 to $10,000.
- You then decide on the maximum amount for which you would be responsible to pay your medical expenses.
- Once you reach the maximum deductible amount then it would be your insurance company’s duty to cover all your medical expenses but up to the policy limits.
By choosing HDHPs you reduce your monthly premium payments drastically. The only downside of this plan is that you will have to bear some risk of medical expenses yourself. For example, if you choose a deductible of amount $3500 then you would be responsible to pay that amount before the insurance companies begins to pay.
Most of these plans provide 100% coverage after the deductibles has been met, that means you will have to pay a maximum of $3500 in case of any serious health issue. These plans are offered by almost all major insurance companies and you can shop for the best suitable plan.
