Purpose and Function of a Deductible in an insurance policy ?? (Senior Ins (health) forum)

[Midlevel]

The higher the deductible the lower the premium. Many of my ACA clients choose the Bronze with a $6700 or higher deductible because they get it for free. If they were to choose a Silver or Gold with say a $1500 deductible and Dr copays they may pay $350-$400/month depending on age and income of course. They figure they are better off keeping that $4800 in their account and take a chance they may end up paying the extra $1900 out of their pocket by choosing the higher deductible.

You are doing something similar with your plan but to me based on what you have said in the past about your income and assets you may be better off on a $0 premium MAPD then having a premium and then a high deductible on your plan. Then you could get rid of all but maybe 1 dental plan, your PDP and your premium for HDG. I have no idea how close you are to Medicaid but if you max out the $3900 for a couple years in a row and run out of assets then you go on Medicaid.

 

[goillini52]

Now this needs a correction, but I see two options, don't know which is correct.

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A deductible is a type of cost sHaring to keep the premium lower.

or

A deductible is a type of cost sCaring to keep the policy utilization lower.

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Both are correct.

 

[axeman462]

the deductible is meant to discourage the consumer from filing smaller frivolous claims, in order to help the insurance company keep costs down.

 

[Yagents]

Is the deductible......tax deductible?

GO

 

[DS4]

Is the deductible......tax deductible?

GO

Use your HSA

 

[LostDollar]

Use your HSA

He's saving that for when his Medigap renewals run out.

 

[LostDollar]

@DS4 called attention to your post for me.

Everyone except @Yagents should ignore the post below. I am not a tax advisor and following the advice I will post may lead to severe financial penalties or jail time or both.

Is the deductible......tax deductible?

GO

All deductibles are ..... tax deductible.

You just pretend they are part of your standard deduction.