Low Deductible Or High Deductible - What is Best?

Can I Deduct Health Insurance Premiums - Low Deductible Or High Deductible - What is Best?

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As a consumer, I am all the time trying to make ends meet. So I am concerned that I don't over-insure myself and my family. Some assurance is required by law, for example, car insurance. But do I need term life? Young families buy term life so that if something happens to one of the parents the children will be properly cared for and assured of a good college education. Do I need health insurance? health assurance is only important if you get sick or injured, but we can never foretell that. So we do need health insurance.

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Can I Deduct Health Insurance Premiums

One way to avoid becoming "insurance poor" is to take out health assurance with a high deductible. My guidance is that we ask ourselves a question: "If I had a major healing catastrophe, how much money could I find to pay for it?"

If you have no qoute finding ,000 to pay the deductible in the case of a major catastrophe, then a ,000 deductible is a good option. If you think you could only find ,000 in a crisis, then ,000 would be a uncostly deductible. People generally select a deductible based on their potential to meet it.

Let's look at a hypothetical example of the distinction in yearly assurance premiums for a concentrate between the ages of 30-34 with two children under nine years (no maternity coverage):

0 deductible - 76 yearly assurance premium

0 - 93

,000 - 89

,500 - 14

,000 - $ 965

,000 - $ 834

You will note that the savings between the ,000 and the ,000 deductibles are minimal. You only save 1 in yearly prime but pay twice as much deductible. So it would be best not to go higher than the ,000 deductible.

With the ,000 deductible this family's monthly prime is . The distinction in prime between the 0 deductible and the ,000 deductible is ,000. If you have no major healing problems in five years, you will have saved ,000, which you would need to meet the deductible. And this is a very good plan.

Many folks think that going with a high deductible saves a lot of money. You do save, but sometimes not so much. Note the changes in yearly prime for a 30-34 year old male based on various deductibles:

0 deductible = ,275 yearly assurance premium

0 = ,120

,000 = 1

,500 = 2

,000 =2

,000 = 8

The largest rescue of 9 comes between the 0 and ,000 deductible. Going from ,000 to ,500 saves only , and from ,500 to ,000 only saves 0. In fact, going from ,000 to ,000 saves only 9 per year even though you have added ,000 to the deductible. So addition the deductible does not produce great savings.

Up to the gift time, with all companies, the ,000 deductible seems to be the most cost-efficient.

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