Though medical costs are rising, you still need to purchase health insurance for yourself and your family. Choosing a high deductible Ohio health insurance plan is an ideal way to lower your expenses. A high deductible plan usually has a low premium. To understand why such a plan is a good choice, you should know what a deductible is and how it works.
How a Deductible Works
The deductible is the amount you pay towards your medical bills every year before the insurance company begins to pay under your plan. Ohio health insurance companies offer various types of plans with different deductibles. There are also plans that don’t have a deductible.
Suppose you purchase an Ohio individual health insurance plan with a $500 deductible. This means that you have to pay $500 on your medical bills for the year. Suppose you run up an ER medical bill of $1200. If your plan covers 80 percent of your ER visits, you would have to pay the remaining 20 percent, which is your coinsurance.
>> Your total ER bill: $1200
>> Your deductible for the year: $500
>> The balance: $700
>> Your plan meets 80 percent of the balance: $560
>> You have to meet the remaining 20 percent: $140
>> Your total cost ($500 + $140): $640
As you have met your deductible of $500 for the year, this means that your Ohio health plan will meet 80 percent of other covered healthcare expenses for the rest of the year, except for copays.
High Deductibles Mean Low Premiums
Typically, an individual health insurance policy with a high deductible will have a lower premium. This is because the policy holder is responsible for sharing a larger proportion of his medical expenses and the insurer has to pay only after this amount is met. So if you want to purchase a health insurance plan with a lower premium, choose a high deductible Ohio health insurance plan.
Plans with Different Deductibles
Plans with different deductibles are available and you can choose one based on your requirements and budget. For instance, Medical Mutual, a leading health insurer in Ohio, offers Elite without office copay, a plan with a choice of several high deductibles.
Elite features network plans with deductibles ranging from $2500 to $20000, and non-network plans with deductibles ranging from 5000 to 40000. Services covered include routine doctor visits, preventive services, outpatient and inpatient services, mental health and substance abuse, prescription drugs, and additional services such as ambulance, home healthcare, hospice, organ and tissue transplant and durable medical equipment.
Optional dental, vision, maternity services, and life insurance coverage are also available under this plan.
A high deductible plan is ideal if:
• You can afford a high yearly deductible
• You do not expect too many doctor’s office visits and want coverage for serious illnesses and emergencies
• You want comprehensive coverage with a lower premium
Contact a reliable licensed health insurance broker for more information on how high deductible Ohio health insurance plans can help offset the cost of your healthcare.