High Deductible Major Medical Insurance - Where to Get the Best Rates

Looking to lower your monthly premium on your health insurance? High Deductible Major Medical Health Insurance may be the answer you've been looking for. Here's what it is and where you can get it cheap.

What is High Deductible Major Medical Health Insurance?

This type of insurance covers you only for serious injuries or illnesses. You select the deductible you want, which will usually be from $500 to $10,000 per year. You pay all your medical expenses up to this deductible, after which the company pays 100% of any additional medical expenses.

If My Deductible is so High, How Am I Saving Money?

You are saving money because, while your deductible is high, your monthly premiums are low. Consider this: your monthly premiums can be half of what you would pay for a traditional health insurance program. In addition, these types of health plans are often coupled with "insurance savings accounts."

What's an insurance savings account? You can think of it as a medical 401-K, in which you regularly deposit money-on a pre-tax basis-to cover your medical expenses until you meet your deductible. So if your deductible is $2,000, you would want to deposit $2,000 in your insurance savings account each year to pay for that deductible. When you have a medical expense, you draw money out of the savings plan to pay for it.

Sounds Great - Where Can I Find a Cheap Plan?

You can find free quotes for cheap high deductible health insurance plans quickly and easily by going online to an insurance comparison website. On such a site, you can shop for a plan any time by just filling out a simple form with information about yourself and your health insurance needs. You then receive quotes from multiple A-rated companies, which you can look over on your own time and choose the best plan for your situation.

And if you have any questions, the best comparison websites have insurance professionals on-hand who will answer your questions and provide information on how to lower your premium even further (see link below).