America is turning to deductible health insurance plans in order to save on monthly premiums. Richer no-deductible health insurance plans such as copayment plans are becoming less popular due to the high cost of the monthly premiums. Many health plan members currently on these high priced health plans are talking to their insurance agents about how they can save money on their monthly premiums.
In the past, copayment plans gave people a sense of security in that they knew exactly how much they would pay for any particular healthcare visit or procedure at the point of service. However, many are willing to take on a little more risk in order to reduce the cost of their monthly premiums. Individuals, families and businesses are all asking the same question: How can I save money on health insurance coverage?
Many opt with a health insurance plan that has a deductible. Few want to discard health insurance all together. That is a greater risk than they are willing to take. However, a small to medium-sized deductible, ranging from $1,500 to $4,000, can result in huge savings. Larger deductibles from $5,000 up to $10,000 result in even greater savings, but for many the savings is not enough to make up for the elevated risk of having such a high deductible.
For many small business owners trying to stay afloat in these difficult times, they have only two options, either opt for a deductible plan or discontinue offering health insurance to their employees. Often, these business owners realize that by not offering a health plan they may leave some of their employees without the ability to get health insurance. If the employees try to get an individual plan, there is the possibility that they may be denied coverage due to pre-existing health conditions. Group coverage with a deductible offers greater savings for the company and often the employees while insuring that the employees are able to access healthcare coverage.
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