How Deductible Insurance Can Save You Thousands of Dollars

January 16, 2017

Share on FacebookGoogle+Tweet about this on TwitterEmail to someone

Health insurance deductible: The amount of money you owe for your medical care before your insurance company picks up the tab.

Most health insurance plans have a deductible, and if you find yourself needing expensive medical care, you’ll end up paying some or all of that deductible before your insurance pays in.

Getting smacked with a $6,900 bill while you’re convalescing can be stressful. Luckily, deductible insurance can help ease that worry. By spending a small amount each month, you’ll get a check if you should find yourself in an accident, with a critical illness diagnosis or hospitalized.

For $25 a month, you’ll get a check for $2,500.
For $40 a month, you’ll get a check for $5,000.
For $50 a month, you’ll get a check for $7,500.

(It doesn’t matter what your deductible is; you pick the monthly amount that works best for you.)

Here are two scenarios of when deductible insurance can be super helpful:

Scenario #1: Jason M. got into a car accident and had to be taken by ambulance to the hospital in order to be treated for a head injury and broken arm. He was in the hospital for two days before being released. His total medical bill was $10,200 and his bronze-level health insurance plan had a deductible of $6,900. Jason owed the hospital his deductible of $6,900.

Scenario #2: Judy S. was diagnosed with breast cancer and needed an emergency lumpectomy. She was in the hospital for two days before being released. Her total bill was $7,000 and her silver-level health insurance plan had a deductible of $3,000. Judy owed the hospital her deductible of $3,000.

In both of these instances, which are often quite common, Jason and Judy could have saved themselves thousands of dollars by purchasing affordable (and ultra-awesome) deductible insurance. In Jason’s case, if he had purchased deductible insurance at $50/month, he would have received a check for $7,500 to cover his deductible. In the first year, Jason would have paid $600 ($50 x 12 months) to get a check for $7,500. That’s $6,900 in savings! As for Judy, at $40 a month, she would have received a check for $5,000. In the first year, Judy would have spent $480 to get $5,000 in return ($4,520 in savings).

Please note: Unfortunately, deductible insurance does not cover preexisting conditions. For example, if you have an illness when purchasing deductible insurance, you won’t be able to get a check from the policy when you go to the hospital for medical care.

When you buy your health insurance plan through us today, make sure to add deductible insurance to your plan. This way you’ll never have to worry about paying for a high health insurance deductible again!

We sell deductible insurance in these states: AL, AZ, AR, CA, CO, DC, DE, FL, GA, ID, IL, IN, IA, KS, KY, MA, MI, MN, MS, MO, NE, NJ, NM, OH, PA, RI, SC, TN, TX, VA, WV, WI and WY.