High Deductible Plans Increasingly Popular
Posted on May 29th, 2011
A recent survey found that high-deductible insurance plans have seen a major increase in popularity. According to America’s Health Insurance Plans, in 2007 just 4.5 million people had these types of plans. In 2010, that number more than doubled and ten million people had signed up for high-deductible insurance plans. These types of plans have lower premiums but higher deductibles.
High deductibles usually mean a maximum of $3,000 for individuals and $6,000 for families. Opting for a plan like this can save people about $85 to $100 a month on their premiums. “People are choosing higher deductibles for lower premiums,” Karen Ignagni, president of America’s Health Insurance Plans, which represents 1,300 companies providing health insurance to more than 200 million Americans told USA Today.
Officials believe many people may not fully understand that lower premiums can equate to higher doctor bills. A recent RAND Corp study says that despite higher health care costs, people who are on high-deductible plans do pay substantially less than those on traditional plans. Part of the reason they may be paying less is because they’re receiving less. RAND found that people with high-deductible plans receive less preventative care such as annual exams, cervical cancer screenings and colonoscopies.
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Tags: Increasingly Popular, Popular
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