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Should I have a high deductible plan or a low deductible one?

The deductible does impact your premium but with todays plans the out of pocket (OOP) limit is more important to look at as a plan with a lower deductible could have a substantially higher out of pocket maximum with only a small difference in premium. Depending on your need the deductible is only one piece of the puzzle to consider.

Many questions surround health insurance plans, and some of them are about deductibles and what is right for you and your family. Below aresomepoints about each, and while it may not be true for all plans, be sure to talk to your FUI agent about what is best for you.

You should consider a plan with higher OOP if:

  • You’re healthy and rarely get sick
  • You can afford to pay your deductible upfront
  • You can make contributions to a health savings account (HSA) each month

You should consider a plan with lower OOP if:

  • You have a chronic condition and see a doctor often
  • You are considering surgery
  • You take multiple prescription medication
  • You are pregnant or planning to become pregnant

You should consider a high deductible, high premium (HDHP) plan if:

  • You would like to start a health savings account
    • There are tax benefits for contributions to your HSA that are only available with a HDHP (that is HSA compatible)

Consider your future plans and current lifestyle when choosing a plan, and talk to your FUI agent for more information and advice.