The "deductible" is the amount
of covered medical expenses that an insured person pays before the
insurance policy begins to pay.
Short-Term
health insurance and
Intermediate-Term health insurance offer you a
choice of deductibles. Here are two reasons to consider electing
a higher deductible (with which you are comfortable).
#1. A higher deductible lowers
your premium.
#2. The claims
process is another reason to consider electing a higher deductible.
Short-Term and Intermediate-Term health insurance are largely "underwritten at
time of claim." This means that in the event of a medical claim, the
insurance company may require that you complete a detailed health
history questionnaire, as well as requesting copies of prior medical
records from your doctors. (They are checking for "pre-existing"
medical conditions.)
Therefore, some people might consider a higher
deductible because the claims process for a relatively small
medical claim may not be worth
their time or effort.
Summary:
The primary purpose
of Temporary health insurance, including Short-Term and
Intermediate-Term, is to protect you against large
and unexpected medical expenses. Consider saving money by electing the highest deductible with which you are
financially comfortable.
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