CHOOSING AN INSURANCE PLAN - CHOOSING A DEDUCTIBLE

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HOW LARGE A DEDUCTIBLE SHOULD I CHOOSE?

Deductibles run all the way from $100 to $10,000 depending on the plan. Usually the rates drop dramatically between $500 and $1,000. Thus we seldom encourage a person to take out a $500 deductible. I think the best buy is the $1,000 deductible.

Generally speaking, if we are pressed, we can find $1,000 to cover the deductible in a medical emergency. And the money saved in lower monthly premiums will in a very few months add up to that $1,000.

Co-insurance is another matter to keep in mind. Most companies run a 20/80 plan in the USA with no co-insurance when outside the USA. What does this mean? It means that if you have a medical situation in the USA, you will need to pay your deductible plus 20 percent of the next $5,000. In a worse case scenario, you will be out $2,000 ($1,000 for the deductible and 20 percent of $5,000 which is another $1,000). Overseas some companies waive the co-insurance and only require you to meet the deductible.

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(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."

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