Whether for health or automobile insurance, these plans require you to pay a greater part of the cost of insured services. The benefit is that your premium is lower--with auto insurance, frequently increasing your deductible can reduce your premium by more than the deductible (i.e., if you raise your comprehensive from $250 to $100, you would save $160 a year). There is also a secondary benefit in that you will make fewer claims which will reduce the likelihood of your policy being cancelled or having your premiums go up in the future.
There are a number of places where one could find a high deductible health insurance plan. Some businesses that offer high deductible health insurance plans include Aetna and United Healthcare.
No
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When you have a deductible in your plan, before your insurance starts paying for the coverage, you have to meet the deductible after which the insurance starts paying its portion.
You will have the lowest possible monthly premiums, but will have to satisfy the deductible before any insurance pays out. In some cases, the deductible can be a couple thousand dollars. One has to fully weigh the differences in the long run - it may be cheaper (and cause less headaches) to have a lower deductible insurance plan.
AnswerYou can have "special" deductibles on a category of services. Mental health benefits may have such a separate deductible. But generally you'll have a single deductible that applies to all services within the year.
Not necessarily. It depends on the "Plan Year". For example, if your plan has a calendar year of January 1 through December 31, and by September 15 you have met your deductible, the new insurance carrier would have to issue a Deductible Credit Transfer because you have already met the deductible for the plan year. However, if the new plan has a plan year that runs from September 1, through August 31, then by September 15, your plan has already started to run and the deductible after September 1 only is the amount you can apply. YES
A high deductible auto insurance plan is one of the best ways to save on the expense of policy premiums, which can be a real help to mitigate costs for California drivers. By raising the deductible amount, you sacrifice protection from minor damages like a broken windshield. But in return, you are still covered for major damages and your premium bill will be much lower.
It could stand for "Hippie Dan's Hewlett Packard. But, since this question is in the insurance section of Answers.com, you are probably looking for "high deductible health policy" A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Participating in a "qualified" HDHP is a requirement for health savings accounts and other tax-advantaged programs. High-deductible health plan - Wikipedia, the free encyclopedia (21 December 2009) http:/enzperiodzwikipediazperiodzorg/wiki/Highzhyphenzdeductible_health_plan http:/snipurlzperiodzcom/tsjnn
The pros to having an insurance plan with a low deductible would be that you do not have to pay as much money out of pocket if something happens and you need to use your insurance. The con of having a low deductible is that your monthly payment will be higher than if you had chosen a plan with a higher deductible. Generaly, if you are young and healty with very few trips to the doctor, go with a higher deductible. However, be sure you choose a deductible that you can afford to pay in the event something actually does happen to you.
A high-deductible health plan contains certain minimum dollar limits on the annual deductible and maximum limits on the out-of-pocket expenses listed under the plan. An individual health care plan would be considered high-deductible if it has an annual deductible of at least $1,200. A plan for family coverage is considered high-deductible if it has an annual deductible of $2,400. Out-of-pocket expenses for 2011 may not exceed $5,950 for individual coverage and $11,900 for family coverage. Out of pocket expenses include deductibles, co-payments, etc. www.bankofkc.com /personal/hsa-faq.aspx
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