Should I consider a high deductible health plan as an option?

More often that not, employers want to offer “Comprehensive” medical benefits. What that usually means to employers is a “traditional” plan where everything is covered with low deductibles. Unfortunately, a traditional plan might not make sense to both the insured and the employer.

WHY?

Because people want insurance to protect the “WHAT IF” but they rarely go to the doctor. Last time I checked it was something like 92% of all health insurance claims come from 8% of the insureds.

WOW. I mean do the math, that means the reverse must be true. 92% of Insured’s only account for roughly 8% of claims.

Usually large deductible plans scare employees and employers because it’s different, its not what their used to. But overall it can work out better for both parties given how often they see doctors.

Here’s a quick example:

Option 1: A Traditional Plan

Monthly cost $1100/ Doctor Co Pays $30

The cost per year is $13,200 Without Co-Pays


Option 2: A High Deductible Plan

Monthly Cost $900/ Family Deductible $5000

The MAX cost for insurance is $10,800 + the deductible of $5000 for a TOTAL of $15,800.

So with a high deductible plan you would pay less a month but be responsible for the first $5000. It becomes a matter of preference, and how often you go to the doctor.

You can end up paying a higher amount upfront with a high deductible plan when you count the deductible but it could benefit you in the long run if you see the doctor very often. You should always meet with someone before you make a change because considering all options can help make you a better educated consumer.

REMEMBER KNOWLEDGE IS POWER!

If you have any questions you can always reach me at 631-338-9917.

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