""Once I got the insurance card, I compared our old plan to our new plan, and that's when I really got worried, because I didn't really understand what a deductible was. It got me thinking, how do I use this insurance?""
""I didn't know what a deductible was, so I just went with what was cheap, and now I have regret.""
"In exchange for that lower monthly premium payment, her husband's coverage won't kick in for most care until they've paid $5,800 in medical bills."
"The plans are pretty common. In 2023, 30% of people who got insurance through their employer had a high-deductible plan, up from only 4% in 2006."
Many individuals, like Madison Burgess, face financial challenges when selecting low-cost health insurance plans, particularly high-deductible options. These plans offer lower monthly premiums but require significant out-of-pocket expenses before coverage begins. In 2023, 30% of employer-provided insurance plans were high-deductible, a significant increase from 2006. Many consumers struggle with insurance terminology, leading to regret over their choices. Health savings accounts (HSAs) can help manage upfront costs associated with high deductibles.
Read at www.npr.org
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