1-Many simply choose the plan with the highest deductible because of the lower premium because of a tight budget. Don't get me wrong. I am a big fan of high deductible plans. However, in most cases they should be coupled with supplemental benefits such as accident, hospital, and critical illness insurance to curb the costs that would be incurred in any of these situations. Remember that most medical bankruptcies happen to people WITH major medical health insurance. Just ask yourself if you could easily handle the costs if something happened and you had to pay out your deductible and coinsurance. How would it affect your family? You may be surprised how inexpensive it can be to couple a high deductible plan with supplemental benefits as opposed to purchasing a lower deductible plan. The other great thing is that most supplemental plans begin covering with DOLLAR ONE with NO deductible!
2-Another common misconception, and this goes right along with the first one, is that it is easier and better to buy all of your coverage from one company. For example, some companies I work with offer health insurance with supplemental riders such as accident, dental, disability, and life insurance. However, my clients can get much better coverage by purchasing those policies from other companies that SPECIALIZE in that type of coverage! They get much better value for their dollar by having a few separate policies for each type of coverage and the total premium is usually about the same. In many cases I have been able to lower client's premiums and cut their out-of-pocket risk in half at the same time!
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