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How high health insurance premiums can save you money

Meredith Miller Published: June 14, 2018 Updated: January 26, 2018

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Life is utterly unpredictable –that is the main reason why we require the right type of health insurance to be safe from contingent expenses. Health insurance is among the essential insurance products that you should never think of going without because the health insurance premiums are beneficial.

Emergencies, accidents as well as illnesses can quickly derail your well-founded financial goals, including your dreams if you lack reliable health plans to fall back on when the contingencies mentioned above actually occur. Therefore health insurance premiums should be considered as part of our life. In this post, we will examine everything about how high health insurance premiums, specifically how they can help you save your money.

High health insurance premiums fall under an insurance cover featuring a higher annual deductible compared to a typical health policy. In this case, a deductible is an amount one has to pay out of their pocket every year for covered expenses and services, before their insurance kicks in to pay for them these costs. Notably, you could leverage First Quote Health as your primary avenue for comparing health insurance quotes.

Reasons to Opt For High-Premium Health Plans

1. You have dependents

If you have children, you know that you can spend many days visiting the doctor’s office. This is regardless of the cause, be it broken bones of the flu. While every affordable health insurance policy will cover a specified amount of the wellness visits for your dependents, cheaper plans could also translate into higher out-of-the-pocket costs for unforeseen illnesses and injuries. If you have dependents, especially children, high-deductible health plans may make less sense gauging from the cost’s point of view. Just an uncomplicated illness and you could be indebted to a substantial medical bill before your policy kicks in.

A low-deductible plan, which is a higher cost, may mean that you will need to shell out more dollars each month. However, it all takes a single accident annually, and the policy could mean saving substantial money. A low deductible, a pricier plan will make a particular sense to you if you have small children, who are at a considerable risk of illness and injuries. Additionally, parents of older children who actively engage in potentially dangerous sports may be highly interested in such a plan.

2. You have a chronic illness

When it comes to the basics of health plans, the more you pay in insurance premiums, the more coverage you are entitled to, and the less you will be required to pay out of your pocket. Nowadays, most health insurance plans feature co-insurance, co-payments, and a deductible, which you will have to meet before the policy kicks in personally. The amount you pay for your monthly insurance premiums will equiprobable dictate what percentage of the coverage you will be responsible for.

If you suffer from a chronic disease, low-insurance premiums cover could turn out to be an adverse financial decision. Because of the frequent visits to the doctor and maintenance medications typically linked to a chronic illness, your soaring out-of-the-pocket expenses will wipe out any savings you earn from a lower-insurance premiums policy. Moreover, cheaper health insurance quotes may lack your specialists and doctors in the network, which would result in a hefty deductible. In addition, if you are required to go out-of-network, there are higher chances of the costs you are responsible for skyrocketing.

If you have a chronic illness, a better option is to examine the overall cost of care, and then examine and choose an affordable health insurance cover, which meets all your medical needs without the need for you to cover a high deductible or even spend hundreds of dollars in co-insurance and co-payments. Notably, ensure the plan, even if it is a private health insurance cover.

3. You Cannot Meet the Deductible

Regardless of how healthy you are, you cannot predict the future. However, you can determine how much an ailment will cost you, even under a private health insurance cover. A high percentage of healthy people go for a lower-cost option, which translates to a higher-deductible plan. Basically, the deem the odds of needing hospitalization minimal, and as such, they need not worry about meeting a high deductible, which comes with lower-premium health insurance plans. However, if something adverse happens and you are unable to afford the deductible, the more severe your financial situation will be. It could mean derailing medical care or even putting it off altogether. In turn, that could worsen your sickness, requiring more expensive medical intervention in the end.

As such, if you do not have some money set aside to cover the deductible, a high deductible, the low-cost insurance policy should make less financial sense to you.

Health coverage is not cheap, and foreseeably, it will only get more expensive. Therefore, making financial decisions with respect to your health requires a reliable source of authenticated information.

First Quote Health is a platform you can leverage as a resource while shopping for your health insurance policies. The platform is an easy-to-use website where you are only required to enter your zip code, and you are ready to begin shopping for health insurance quotes. With First Quote Health, you will have all the necessary information readily available to enable you to source for an affordable health insurance plan.