How to Decide Which Medical Insurance Deductible Is Best for You or Your Family
- 1). Go over your list of options. What deductibles are available? They can range from $0 per person, per year all the way to $25,000 per person per year, or possibly higher.
- 2). Consider how much money you could handle to pay out if there were a major medical claim. How about two claims in one year? How much would your family be able to handle?
- 3). Compare the prices for each deductible and decide whether or not the increased cost is worth having a lower deductible to you or your family.
- 4
Add up the medical insurance premium savings over a year from each deductible to the next highest deductible. Determine how long you would have to go without having a claim to save the extra amount of money that equals your deductible amount. For example if you are comparing a $500 deductible to $1,000 and the $500 deductible costs $300 per month and the $1,000 costs $225 per month, you would have to go 6.6 months without having a claim to have that $500 in the bank. Most people would consider this a good risk and go with the $1,000 deductible. How much would it save to go to a $2,500 deductible? Does it make sense? - 5). Congratulations, you have just informed yourself of the different medical deductible choices and helped determine your cost/risk ratio.
