Health Insurance Articles
How To Access Lower Deductibles With Any Health Insurance Plan
2010-08-27
Often, policyholders request that their health insurance quote be devised with a high deductible in order to save money on the overall cost of the health insurance plan. Many do not realize that the higher deductible will minimize the health insurance plan's initial utility, as no benefits will be paid until the out of pocket deductible is met. A higher deductible can lower the cost of premiums, but a lower deductible will seemingly result in significant savings through the immediate utilization of the health insurance plan. Undoubtedly, obtaining a lower deductible on a health insurance policy can not necessarily obtained without effort, energy, or a challenge, but there are several ways to affect a lower deductible.
The first step, on a self paid health insurance plan, is to consult the insurance agent and ask for a comparison of other health insurance companies offering the same coverage with a lower deductible. Health insurance is a crowded and competitive market; it should be reasonably easy to obtain a health insurance plan quote with a considerably lower deductible.
If the health insurance plan is ESI (employer supported insurance), the first step is to determine if other employees are having the same financial issue with the higher deductible. Make an appointment with the Human Resources Benefits Coordinator and explain that employees cannot afford to pay the high annual deductible without financial budgetary inconsistencies on their salaries. Further explain that although they are paying for health insurance, the out-of-pocket costs and the premiums are making it difficult for employees to meet the medical care needs of their families. In the interim, write a letter to upper management explaining the situation and request in the communication a call to action to lower the deductible. This may take time, but the result can be a more suitable and less expensive health insurance plan deductible.
Another way to lower the deductible on a self-paid health insurance plan is simply to pay a higher premium. Actually, the amount of out-of-pocket expenses inherent in the high deductible and the amount that would be paid in higher premiums are almost equal, perhaps a bit lower. The objective for the insurer is to collect sufficient revenue to accommodate the cost of claims either from not having to pay claims until the deductible is met or through paying the claims but collecting a higher premium on policies with a lower deductible; either way nearly the same amount is collected.
Therefore, in a competitive market such as health insurance almost everything including the deductible is negotiable with inquiry, investigation, persistence, and motivation.
