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I'm trying to compare insurance coverage between two areas. Is it better to have a deductible or not? In my current area, the highest insurance is around 680 with no deductible while the other area's highest is 297 with a 2500 deductible. The cheapest in my current area is 238 with a 1200 deductible while other area's cheapest is 69 with a 10000 deductible. So, how do I sort this out?
Picking one over the other involves a bit of gambling.
I just switched to high deductibles because I hardly ever put in any claims and ....at this time...has no medical issues.
If I end up paying the whole deductible, pay out will still be very close to what the higher premium would have been.
If not, I'm ahead.
You should figure a 'worse case' scenerio and estimate the potential cost.
I don't know what different areas have to do with it. You only qualify for the area your legal residence is in, don't you?
Picking one over the other involves a bit of gambling.
I just switched to high deductibles because I hardly ever put in any claims and ....at this time...has no medical issues.
If I end up paying the whole deductible, pay out will still be very close to what the higher premium would have been.
If not, I'm ahead.
You should figure a 'worse case' scenerio and estimate the potential cost.
I don't know what different areas have to do with it. You only qualify for the area your legal residence is in, don't you?
Yes, but this is just something I'm weighing out in terms of cost of living between the two areas.
I'm trying to compare insurance coverage between two areas. Is it better to have a deductible or not? In my current area, the highest insurance is around 680 with no deductible while the other area's highest is 297 with a 2500 deductible. The cheapest in my current area is 238 with a 1200 deductible while other area's cheapest is 69 with a 10000 deductible. So, how do I sort this out?
If you have one 'bigger' health event, say you break a leg, your $297 plan is about $3400/year less expensive-maxing out the deductible. If you don't use your plan at all or very little, the $297 plan is $4500/year less expensive. It really depends on your situation if a 10,000 deductible is worth carrying. If you ended up in the hospital tomorrow, would you be able to pay $10,000 to cover your medical bills? Is the $297 affordable? What is the out of pocket maximum on all the plans?
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