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Health Insurance 101: Should You Get a High-Deductible Plan?
Learn about the pros and cons of a high-deductible plan and how it may or may not save you money on health insurance.
Written by Lauren Smith, MA | Reviewed by Alexandra Schwarz, MD
Updated on October 31, 2023When signing up for a health insurance plan, many people may initially gravitate toward a plan with a low premium. That’s the monthly fee you pay for your health coverage, so a low premium may seem like a less expensive option. However, plans with low premiums tend to come with high deductibles. What’s a high-deductible plan, and what are the pros and cons?
The “right” health insurance plan depends on many factors. Talk to an insurance representative if you need more help weighing your options and choosing your plan.
References
HealthCare.gov. (n.d.). High deductible health plan (HDHP).
HealthCare.gov. (n.d.). Your total costs for health care: Premium, deductible & out-of-pocket costs.
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HealthCare.gov. (n.d.). Understanding HSA-eligible plans.
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