CHOOSING AN INSURANCE PLAN - LOW AND HIGH DEDUCTIBLE

About the Resource Library

This page contains dozens of short articles that will help you quickly understand international insurance. For example, terminology, purchasing details and managing your insurance coverage are topics that are all covered within these articles. Choose an Article From the Topics Below

LOW DEDUCTIBLE. HIGH DEDUCTIBLE. WHAT’S BEST?

People generally choose a deductible based on their ability to meet that deductible. If you have no problem finding $5,000 to pay the deductible in the case of a major catastrophe, then a $5,000 deductible is a good option. If you think you could only find $1,000 in a crisis, then $1,000 would be a reasonable deductible.

Many folks think that going with a high deductible saves a lot of money. You do save, but sometimes not so much. Note the changes in annual premium for a 30-34 year old male based on various deductibles:

  • $250 deductible = $1,275
  • $500 deductible = $1,120
  • $1,000 deductible = $871
  • $1,000 deductible = $871
  • $5,000 deductible = $632
  • $10,000 deductible = $498

The largest saving of $249 comes between the $500 and $1,000 deductible. Going from $1,000 to $2,500 saves only $99, and from $2,500 to $5,000 only saves $140. In fact, going from $1,000 to $,5000 saves only $239 per year even though you have added $4,000 to the deductible. So increasing the deductible does not produce great savings. Up to the present time, with all companies, the $1,000 deductible seems to be the most cost-efficient.

International Health Insurance Support Quote
Get Your International Health Insurance Quote Hassle Free in Minutes

Health Insurance in the USA

"Jeff, I just wanted to say a quick "Thank You" for the newsletter, or "Quarterly E-Bulletin." I don’t know if this is all your work or a team, or you buy content, or just who puts it together; but I’ve gotta say it’s one of the few pieces of its kind that I actually *read* top-to-bottom. [The "Quarterly Bulletin" is written by Jeff, assisted by the GNI staff.]"

(DS, Pennsylvania)

"Nelma, Thank you so much for your immediate help in getting my credit from the insurance company. It’s this kind of service from you and your partners that keeps me coming back to GNI for ALL my international insurance needs. "

(KD, California)

"Trish, Thanks so much for your follow-up on this. We actually got a check in the mail already, covering all the charges minus the $250 deductible. I was surprised and pleased that we got it so quickly! Thank you again for taking care of us. You have been extremely helpful, Trish."

(AR, Indiana)

"Doug, I wish to thank Pei for the first class service I received. I value great customer service having worked for a Japanese airline for 17 years. I believe the service reflects the management."

(TM, New York)

Library of International Medical and Health Insurance Information and Resources