I'm looking at quotes of $2,000/month to insure my family of five.
Can't I save half of that by getting a plan with lower premiums and saving the $1,000 per month to spend on actual health care?
Answers | 3
A plan with a $1000 deductible would cost (assuming you and your spouse are age 40) approximately $1275 (no adult dental or vision benefits). If you increased your deductible to $2000, your monthly premium would drop to $1135.
Without knowing the details of your existing plan, it's very hard to answer your question accurately.
One additional option to consider is a high deductible plan ($5000 for example) and offsetting your financial risk with supplemental accident insurance. Typically the combination would cost less than a lower deductible plan while effectively lowering your accident based deductible to $0
I have many clients that have benefited from the changes in the last year and many that have not paid less, but have received better coverage. Now the plans include dental and vision for minors which should help eliminate some other costs if you have been paying for separate plans for your three children.
I don't recommend high deductible plans, but somewhere in the mid-range is usually suitable depending on someone's health history. When I sit with a family I like to take into account what they want to get out of the plan. And make sure that they understand how it works.
If you have any additional questions feel free to contact me. I am licensed in California.
Your thinking is in the right place but that just may not workout without a really large deductible. An alternative to look into would be Religious based programs. They are not insurance per say, but work similarly, and qualify under the ACA rules so that you do not have to pay a penalty. Just a thought that may help and may not.