Which of these health insurance policies is best?

Which of these health insurance plans is best?

  • $1,250 a month premium, $0 deductible, $0 coinsurance, $0 copay, everything is covered in full.

    Votes: 0 0.0%
  • $1,000/month premium, $3,000 deductible, $0 coinsurance/copays, covered in full after deductible.

    Votes: 0 0.0%
  • $750/month premium, $6,000 deductible, $0 coinsurance, $0 copays, covered in full after deductible.

    Votes: 0 0.0%

  • Total voters
    1
Nov 2015
6,769
2,231
UK
#12
How many months will that take? Suppose you need medical help next week? Suppose you do not even have $1,250 per month with which to make your choice? In real life, people are limited in their options.
If you need medical help next week then you're knackered because you couldn't afford the first $1,250 monthly amount and probably were on the $250 option so your insurance cover was either none to not much use.

So save $250 a month and have your fingers crossed.

What does deductible mean? Is it what the Brits call an 'Excess'? So if you make a claim, the deductible is the amount of the claim you pay, any costs after that, the insurance covers?
 
Jun 2014
48,399
48,791
United States
#13
If you need medical help next week then you're knackered because you couldn't afford the first $1,250 monthly amount and probably were on the $250 option so your insurance cover was either none to not much use.

So save $250 a month and have your fingers crossed.

What does deductible mean? Is it what the Brits call an 'Excess'? So if you make a claim, the deductible is the amount of the claim you pay, any costs after that, the insurance covers?

Yes. A "deductible" is the amount that the policyholder pays before insurance begins to pick up the tab. There is also the concept of "co-pays" in the US, in which one must pay a base fee in order to see a doctor for whatever reason. The "deductible" is typically an annual baseline that must be met, although it can apply separately to each person on a family coverage plan - depending upon the particular policy.
 
Likes: 1 person
Nov 2015
6,769
2,231
UK
#14
Yes. A "deductible" is the amount that the policyholder pays before insurance begins to pick up the tab. There is also the concept of "co-pays" in the US, in which one must pay a base fee in order to see a doctor for whatever reason. The "deductible" is typically an annual baseline that must be met, although it can apply separately to each person on a family coverage plan - depending upon the particular policy.
I'll take option 5, just be used to higher tax levels on goods, fuel etc.. and go and see my doctor/hospital at no cost. And if I feel like speeding the process up, just pay for some of the treatment.
 
Jun 2011
49,232
20,638
God Bless Texas
#19
Imagine I'm a health insurer and I offer you four health plans.


1) $1,250 a month premium, $0 deductible, $0 coinsurance, $0 copay, everything is covered in full.
2) $1,000 a month premium, $3,000 deductible, $0 coinsurance, $0 copays, everything is covered in full after you've spent your deductible.
3) $750 a month premium, $6,000 deductible, $0 coinsurance, $0 copays, everything is covered in full after you've spent your deductible.
4) $250 a month premium, $12,000 deductible, $0 coinsurance, $0 copays, everything is covered in full after you've spent your deductible.


Which of these plans is the best? Which is the crappiest?

[edit/hint] - Assume the insurance buyer does not know if she or he will need a lot of health care in the coming year, or a little, or none.
#4.
 
Jun 2011
49,232
20,638
God Bless Texas
#20
Assuming one can afford #1, put that money into savings instead and it either gets used, so you are in the same position, or it doesn't and you have your money.