/content/nivabupa/in/en/bank,/content/nivabupa/en/in/digital/home/app-form2,/content/nivabupa/en/in/digital/home/thank-you1,partner.nivabupa.com
/content/nivabupa/in/en/agent

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN

The Pros and Cons of Different Health Insurance Deductibles

Posted On : 25 April 2023, 1 Years Ago. Health-Insurance
Health Insurance Deductibles

Are you confused about what is deductible in health insurance? Don't worry; you're not alone. Many people need help understanding how deductibles work and which one to choose.

 

This blog will discuss the pros and cons of different health insurance deductibles, so you can make an informed decision when choosing the best option for you. Whether you're looking for a high-deductible or low-deductible plan, this article's got you covered.

 

Meaning of Deductibles

Ahealth insurance deductible is the amount of money you pay out of your pocket for medical expenses before your insurance coverage starts paying. Here are three types of healthcare insurance deductibles you should know about:

 

1. Standard Deductible

A standard deductible is a fixed amount you pay out of pocket before your insurance coverage starts, and this is the most common type of deductible in health plans.

 

2. Family Deductible

A family deductible is a single deductible that applies to all members of a family who are covered under the same health plan. Once the family deductible is met, insurance coverage starts for all family members.

 

3. Embedded Deductible

An embedded deductible is a feature in family health plans that allows each individual family member to have their deductible. Once an individual's deductible is met, insurance coverage starts for that person, even if the family deductible hasn't been met yet.

 

Advantages of Deductibles

If you're considering medical insurance options, you may come across the term "medical insurance deductible." While it may seem like an extra expense, having a deductible can provide several benefits. Here are four advantages of having an insurance deductible:

 

1. Lower Deductible Health Insurance Premiums

Having an insurance deductible can lower your insurance premiums. You take on more of the risk for your healthcare costs, which means the insurance company can charge you less for your monthly premium.

 

2. Encourages Responsible Healthcare Spending

When you have a health insurance deductible, you become more mindful of how much you are spending on healthcare. This can encourage you to shop for more affordable options.

 

3. Protection from High Medical Bills

If you have a high deductible in your medical insurance, you may be responsible for paying a significant portion of your medical bills out of pocket. However, once you meet your deductible, your insurance will typically cover the rest of your healthcare expenses.

 

4. More Control over Healthcare Expenses

A deductible plan gives you more control over your healthcare expenses. You can meet your deductible quickly by paying for more expensive procedures and treatments upfront, or you can spread out your healthcare expenses over the year.

 

Disadvantages of Deductibles

After familiarising yourself with what is deductible in health insurance, it's also important to be aware of the potential disadvantages. Here are four potential drawbacks to having a deductible in healthcare insurance:

 

1. Delayed Care

If you have a high health insurance deductible, you may hesitate to seek medical care until you've met your deductible. It can lead to delayed care, which can be harmful if you have a serious or urgent medical condition.

 

2. Limited Provider Network

Some medical insurance deductibles may have a limited provider network, so you may have to pay more out-of-pocket costs if you see a provider outside your network.

 

3. Higher Out-of-Pocket Costs

Deductible medical insurance premiums tend to be lower, which means you'll pay more out-of-pocket costs when you need healthcare services.

 

4. Complexity of Healthcare Costs

Having a deductible in medical insurance can make it more challenging to understand and manage your healthcare costs. You may have to track which healthcare expenses count towards your deductible and which do not.

 

In summary, knowing what is deductible in health insurance and weighing the advantages and disadvantages of each can help you select the best plan that suits your needs. If you're in the market for a health plan, Niva Bupa , the best health insurance company in India can provide various options matching your needs and budget. Please don't wait until it's too late; protect your health and financial future today

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN