How to Use High Deductible Plans to Keep Premiums Low
Male: Is having a high deductible plan in order to keep premiums low a good thing?
Bob: Most often employees are looking for a ways to, to manage our expenses. They have this typically, they have a lot of things going on. They wanna keep their monthly premium as low as they can keep on their health insurance. You know, I want to applaud them for getting health insurance, but they also wanna keep the monthly premium as low as they can, and so. High deductibles is a good way to go, you know, rather than buying it 250 dollar deductible or a 500 dollar deductible, which by the way works very much like car insurance. Many of us buy car insurance all the time, we totally get how our deductibles work in our car insurance will have, you know, 500 dollar deductible or a thousand dollar deductible. The same thing applies with health insurance, the more you increase your deductible, the lower your monthly premium is going to be. So, absolutely, higher deductible health insurance plan is a good way to go to save money on your premium. It protects you from those, you know, larger catastrophic types of loses, certainly. If you end up on a hospital from a car accident, or just from a health condition, you’re gonna have the coverage you need. But in meanwhile, you’re keeping your monthly premiums as affordable as they can be as you’re building your business.