CHOOSING AN INSURANCE PLAN - HIGH OR LOW DEDUCTIBLES

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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

HIGH OR LOW DEDUCTIBLES--WHAT'S BEST?

High deductible plans are more cost-effective, thus they are better if you are basically a healthy person. I am in my early 60s, and have not been in a hospital for over 30 years. If the difference in the premium between a $500 and $5,000 deductible was only $100 (and usually it is more), a $5,000 deductible would have saved me $36,000 over that 30-year period. That money could have been put in a personal medical savings account in order to meet a deductible if I ever needed surgery. If surgery was not needed, I would have a substantial savings account. And this is only calculating the premium I would have saved on my own personal insurance. I have not calculated in the savings for my whole family. And what about interest income on $36,000? And all of that time I would have been protected from the cost of a major medical catastrophe, e.g., a major operation.