There are a lot of things you can judge by their price and be right most of the time. It’s highly likely that paying $40 for a prime cut of meat will yield a better steak than the $7.99 variety you can buy at a low-end chain restaurant. When you buy health insurance though, the price tag isn’t always as telling. Knowing how much a health plan is going to cost right off the bat is important, but the answer isn’t always as cut and dry as one might expect. You need to take your current health needs and financial situation into account before you can make an informed choice.
Choosing a high-deductible plan means that your premiums will be lower, but the out-of-pocket cost you pay if you have to file a claim is higher. Plans like this work well for people who are not only in good health currently, but have a history of it. Of course, a fair amount of luck is involved in everyone’s life, and it’s impossible to know when an accident will occur. Nonetheless, provided your work and home life are relatively low-risk, a plan with a higher deductible may be your best option financially.
On the other side of that coin are the low-deductible plans. The lower your deductible, the higher your premium, but you’ll ultimately pay much less out-of-pocket when you have to file a claim. Again, whether a plan with a higher premium but lower deductible will work best for you or not will depend a great deal upon the circumstances surrounding your day-to-day life. For example, if you have a history of illness and tend to visit the doctor more often than a healthier person would, this may be your best option. Additionally, high-stress jobs can take their toll on your health and send you to the doctor’s office more often than you’d like.
Ultimately, finding the best health insurance plan for you requires that you take an accurate, realistic look at your finances and the circumstances surrounding your life. Choose well and you’ll end up paying less in the long-run.