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Medical Coverage Concepts
By admin | October 28, 2011
There is one big reason why buying a high deductible medical policy is a good idea. They are less expensive. They are so much less expensive that in many cases the savings in your premiums more than compensates you for the additional exposure.
Although low deductible health insurance policies are better policies than catastrophic health insurance policies, they are also more costly. This additional cost makes them a poor deal in most cases. If you pay an additional one thousand dollars a year for a better policy, you are getting a poor deal if you get something less than one thousand dollars in additional benefits.
This is an important concept to apply to your insurance purchases. Low deductible policies are only a good deal if someone else is paying your premiums. Be sure that when you pay additional money for a better policy you get a policy that not just a better policy, but that is a policy that justifies the additional expenditure.
This concept applies to group medical insurance, COBRA medical plans and individual policies. If you want to find the best health insurance plan for your needs, you will need to do some math and figure out how much you will be paying for the year and compare that to how much your deductible and other cost shares might be over the course of a typical year.
If you are willing to apply this concept to more than just your medical policies, you can save a lot of money. Just be sure to set aside some of the money you save by purchasing policies that have less robust benefits.
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