Shopping for health insurance is a balancing act in trying to find that ideal value for you and your family. Do you have a firm grasp of exactly what your needs are when it comes to health insurance? Knowing the history of your medical bills is a high starting point. Work with us at The Smith Insurance Group, Inc. in Sandy, UT, and we can help you balance deductibles and your health insurance.
Balancing the Deductible and Premium
You need to balance the deductible and the premium when it comes to health insurance. The deductible is the amount of money you can expect to pay out of pocket in any given year. If you have a $1,000 deductible on your policy, you will pay all of your medical bills up to that $1,000 over the effective policy period. Once that is hit, it is then that coinsurance will likely kick in.
If you have a deductible that is as low as $1,000, chances are you will have a higher premium or price you will pay for the health insurance policy.
The Value Point
The idea is to find the value point, and that may be different from one person to the next. You may like the idea of paying more out of pocket in premiums, knowing you will have a lower deductible, and less to pay out later. Vice versa, you may like the idea of paying lower premiums, but more of the medical bills on your own. The value point will differ from one person to the next.
The process of shopping for and buying health insurance should always have the value be top of mind. You need to be sure you are paying premiums and getting coverage that meets your exact needs. You may be buying coverage that is too extensive, for no reason at all. Work with us at The Smith Insurance Group, Inc. in Sandy, UT to find that ideal balance point to give you exactly what you need for health insurance coverage.