As soon as you become a parent, your main focus is to provide for and protect your family. It’s your responsibility for everyone to be happy and healthy. The best way to ensure this is by having the right health insurance plan.
Insurance helps cover the fees for regular checkups, vaccines, prescriptions, and when an emergency happens. Without protection, you could find yourself with very high medical bills, creating a financial burden for your family.
In the United States, there are four major plans that the 900 health insurance companies have to offer. Each one has its own premiums, policies, and coverage. We get that this can be a lot to consider when trying to find the perfect one for your loved one’s needs.
We’re going to give you our top three tricks on how to get the best health insurance for you and your family and take a closer look at deductible plans.
What’s a Deductible Insurance Plan?
One of the many ways insurance companies set up their plans is with a deductible. This translates to having a policy that requires you to pay out of pocket for a certain amount, regardless of the service, and the insurance will cover the rest.
As an example, you have a policy with a $500 deductible. You have an emergency visit to your doctor, and it costs $2,000. You’ll have to pay $500, but the other $1,500 will be paid for by your insurance company.
The coverage kicks in when the bill exceeds the deductible amount. If you go in for a regular checkup and the bill is $250, you’ll have to pay this yourself. It works great when you have a large amount to pay, but it can cost you a lot of money when you only have quick checkups.
Deductible plans can be high or low, depending on how much your monthly premium is. High deductible plans have a lower regular payment, but you’ll have to pay more out of pocket for high medical bills. Low plans work in the opposite way. You’ll have a higher premium and a low deductible amount.
This is not the same thing as a coinsurance or copay plans, so don’t be confused. These still have out of pocket expenses at an individual rate, but work differently.
Our 3 Best Tricks
Know Your Budget
Each family has a specific amount of money they can spend each month to stay ahead. When trying to choose the right plan, you’ll need to consider this.
Know the number you can afford to pay for your premium, and then search for plans in that range. However, remember that if you have a higher deductible plan when a significant accident happens, you’ll have to pay more on your own.
If you don’t have a deep savings account, this could create a lot of debt for you. When this isn’t the case, it might be better to use a low deductible plan. Yes, you’ll have to dish out more each month, but one incident won’t wipe out your savings completely.
Insurance is a gamble because it’s possible no one in your family will need extensive medical attention. You can never predict the future. We believe it’s better to be protected and never have to use it, than to be in a stressful situation where you can’t pay the bills.
Think About Your Family’s Needs
Deductible plans are right for those who think someone in their family is at risk of expensive procedures. If you and your loved one’s are healthy now, you should look at you and your spouse’s family history.
If some genetic conditions run through either one of your families, it’s possible you or your children will have these. With a deductible plan, you know you’ll only have to owe the initial amount and can get further help with no additional costs.
Young children might need things like braces, which cost a few thousands of dollars. A deductible plan will ensure they have straight teeth at a reasonable price. Kids are also more at risk of breaking a bone or getting a sports injury, as they’re active and play rough with friends.
Having a plan that’s tailored to your family’s needs is vital for proper coverage.
There are hundreds of insurance companies that all offer different plans. Create a list of requirements that are a must for you. Take the time to research the ones that seem to fit your needs.
Write down some specific questions to ask, then call a representative to talk with someone. If the company doesn’t check all your boxes, you can eliminate it from your selection.
Doing this will give you a better idea of what will work with what you’re looking for. .
The Bottom Line
Health insurance is a must for your family. It’s a way to ensure everyone receives the care they need to live a healthy life. When you’re a parent, it’s your responsibility to provide the best protection for your loved ones.
There’s so much to know about health insurance, but a deductible plan is an excellent option for you and your family.
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