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Health Deductible Recomendation
Old 03-03-2012, 09:45 PM   #1
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Health Deductible Recomendation

With the good news on my annual rate increase I was also given the chance to change our deductible to 10K from 7K. this is a family policy and the deductible is for all. Once we were to meet it the policy says the Ins. company pays 100% of covered costs.

I am 48 and DW is 47 we have two kids on the policy. If we raise the deductible to 10K form 7K our premium drops $116 per month.

What is the down side to doing this as I am concerned I might have missed some? We have had the policy for 5 years and I have always budgeted to pay the full deductible every year. I am wondering if this is realistic and if not how much should I plan for. By planning to pay all of it each year it does not make this a good choice but how do you make that determination? I am an engineer and not in the medical field so I really do not know all the possible ways you could always meet it or what the odds are. Please share any insight or recommendations on this you have.

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Old 03-03-2012, 10:56 PM   #2
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One way to look at it is you are taking a risk of 3k for a savings of 1392. In the past years have you hit the 7k mark? Use this to make a guess of the odds of the increase costing you money.

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Old 03-04-2012, 01:12 AM   #3
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DH and I have the highest deductible possible ($11,900) but we have the VA as a backup option should one of us acquire an expensive chronic condition.

Remember that once you increase the deductible and someone in your family has a health issue, there is most likely no going back to a lower deductible and your options for acquiring another policy are reduced. Are you ready to accept the higher deductible forever?

Who knows what will happen with the changes coming in 2014 that might provide more options at an unknown price if someone in your family acquires a "pre-existing condition."

With four people on your policy, my opinion is your risk is higher. Unless the extra $116 is a burden, I would stick with the lower deductible until the new healthcare changes are implemented.
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Old 03-04-2012, 05:11 AM   #4
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Originally Posted by Buckeye View Post

With four people on your policy, my opinion is your risk is higher. Unless the extra $116 is a burden, I would stick with the lower deductible until the new healthcare changes are implemented.
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