Did You Know You Can Change Your Deductible?
Written by: Andrew Hall
A change in your health doesn’t have to mean a switch in your insurance. You may be able to adjust your plan’s deductible .
Many health insurance companies allow you to keep the same health plan and increase or decrease your deductible based on your needs.
Changing your deductible can increase or decrease your monthly premium .
Here’s a little fact about health insurance that you may not know: Many health insurance companies offer plans with the same coverage and benefit levels but with a different deductible and monthly premium amount.
You love your current health plan, the doctor, the network and benefits. But then life changes, and you’re suddenly using your health insurance more. You need a lower deductible to minimize your overall health care spend. (This is a common occurrence when families expand, people age or health conditions are uncovered.)
You can choose a lower deductible on your health plan and keep your provider and benefit levels instead of switching plans. And if you don’t use your plan regularly, you can switch to a higher deductible too! This may save you money on premiums.
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If you decide to lower your annual deductible, your monthly health insurance premiums will increase. If you decide you want a plan with a higher deductible, the monthly premiums will decrease.
Is changing your deductible the right move for you?
If your health care needs (or those of your covered dependents) have changed and require you to use your health insurance more, it may be cost-effective for you to lower your deductible and pay higher monthly premiums.
Similarly, if you (or your covered dependents) use your health insurance less (i.e., mainly for well checks or routine visits), paying less money each month for a higher deductible makes sense.
You can easily compare your plan with different deductible amounts by contacting a licensed GoHealth insurance agent, or by contacting your health insurance company to see if your plan’s deductible can be changed.
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