Affordable Health Insurance Through Higher Deductibles

If you’re thinking about buying an affordable health insurance policy, now would be a good time to do so – the healthcare bill recently passed by Congress will set maximum limits on deductibles which will drive up the cost of premiums for those purchasing individual health insurance plans.  After all, the more risk you’re willing to take in case you get sick (i.e. the high deductible you have to pay before coverage kicks in), the less you have to pay every month when you’re healthy. If you aren’t even allowed to choose high deductibles, you will be forced to pay the higher premiums that come with low-deductible plans.

What will the deductible maximums be?  No one is sure yet but they will be highest for those in their ‘20s which means they will have the most affordable health insurance plans. Not so much for older folks. 

It gets worse:  Congress is also doing away with annual and lifetime maximums. That may sound like good news but it will also put upward pressure on your premiums: after all, the more money your insurer is forced to pay in case you get sick, the more they will want in premiums to cover that risk.  This also makes affordable health insurance policies harder to obtain.

If Congress had really wanted to control costs, and encourage more affordable health insurance policies, they would have allowed for higher deductibles, not mandated lower ones. Why? When people are forced to pay more of their healthcare costs themselves, they are better consumers. They ask how much procedures and tests cost; they wait to go to their primary care physician instead of going to the emergency room; they take better care of themselves --- all to save money. Savvy consumers force hospitals and doctors to think more about their pricing. There is less incentive for consumers to demand lower prices from healthcare providers when someone else (i.e. the insurance company) is footing the bill. 

The lesson: it’s more important than ever to work with an experienced health insurance agent who knows as much as possible about the recent healthcare bill. If you live in Missouri or Illinois Contact the Vincent K. Blair Agency at 314-961-7777 or visit our home page to learn more about all your affordable health insurance options.

 

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