I am in average good health, no pre-existing conditions, no health history, looking at several private health insurance plans. I have heard that the best way is save money is to opt for higher deductibles. Is that true?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: May 10, 2010

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Insurance Question from Brooklyn, NY

Asked on 05/10/2010

I am in average good health, no pre-existing conditions, no health history, looking at several private health insurance plans. I have heard that the best way is save money is to opt for higher deductibles. Is that true? NULL

Answer given on May 18, 2010

Absolutely.  You can certainly save money by choosing a higher deductible.  But you also need to be prepared for the additional out-of-pocket expenses associated with choosing a higher deductible.

You can do a few things to help prepare for this.  First, look at your average yearly out-of-pocket costs for the last few years.  Divide that amount by 12, and put the result aside each month in anticipation of those expenses.  Also, whatever you’re saving, monthly, by selecting a higher deductible, put that savings aside as well.  This, too, will help you prepare for the higher out-of-pocket expenses.

You can select a health savings account as well.  This option allows you to save money, pre-tax, for future medical expenses.

The biggest issue is that you do what you can to prepare yourself.  If you were injured or developed a sickness which requires you to meet your deductible, you will need to be prepared to pay for all of the expenses associated with your illness until your insurance kicks in.


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