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What are High Deductible Supplement Plans?

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What Is A High Deductible Supplement Plan?

If you know anything about Medicare healthcare and supplement plans already, you will likely be aware of the conditions that come with the insurance coverage. Any eligible expense that you face can be paid in part by your Medicare coverage and insurance – providing you pay the monthly premiums associated with your Medicare plan and cover the deductible yourself before your insurance kicks in. 

A supplement plan is one designed to fill the gaps left behind by standard Medicare coverage. As with the standard Medicare packages, these supplement plans come with their own conditions – and in the case of a High Deductible supplement plan, this condition is that the beneficiary must pay out a higher deductible prior to their insurance kicking in, in order to benefit from the lowered monthly premiums.

The Benefits of a High Deductible Supplement Plan

The benefits of a High Deductible supplement plan are obvious – as a beneficiary, you will face lower monthly premiums and so for the average user, high deductible plans are more affordable in the long term. The real expense for the beneficiary kicks in if and when they require medical assistance and care – as this is when they face the high deductible payment before their insurance picks up the remainder of the bill. 

As such, High Deductible Supplement Plans are best suited to those individuals and families who don’t often require medical or hospital attention, and who are generally healthy. If you don’t use your insurance very often, then paying a lower monthly premium for something you rarely use is a benefit.

The Drawbacks of a High Deductible Supplement Plan

The very obvious drawback of a High Deductible plan is the hefty deductible that you will be responsible for paying should you need medical treatment or healthcare support. Many beneficiaries find paying off this large bill difficult while also being responsible for the monthly premiums that keep their insurance cover active; leaving them in a worse financial position than they might have been with a standard supplement insurance plan

If you tend to require more medical support or have any underlying health conditions which need regular medical treatment, a High Deductible plan is unlikely to be the right decision for you. 

If you need to discuss your options according to the medical demands of your health, we recommend getting in touch with the team at Bobby Brock Insurance for friendly, expert advice and guidance.

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