![]() ![]() This way your monthly health insurance costs are lower because you take the chance that you may not need to pay your deductible. You may want to choose a plan with a lower monthly premium and higher deductible if you know you won't use your insurance often. Overall, you'll spend less when you go to the doctor over the course of the year. This means you'll pay more each month, but you'll meet your deductible faster and your plan will begin to pay for your covered services sooner. If you know you'll be using your insurance often, you may want to choose a plan with a higher premium and lower deductible. How to choose your premium and deductible The lower your deductible, the higher your premium. Typically, the higher your deductible, the lower your premium. Your premium and deductible costs are connected. For example, if you have a $1,500 deductible, your plan won't pay for some services until you've paid $1,500. ![]() What is a Deductible?Ī deductible is the amount you must pay toward your health insurance costs before your health plan begins to pay for your covered services. In most cases, it's paid monthly, but can be paid quarterly or yearly. You are responsible for your premium whether you use medical services or not. ![]() The premium is the ongoing amount you or your employer pay for your health insurance plan in order to maintain your health coverage. ![]()
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