North Carolina Health Insurance - Increase the Deductible to Save on Your Premiums
Insurance seems to be required for everything these days and trying to pay for it can prove to be a daunting task at times. We need home owner’s insurance, car insurance, and by 2014 you will be required to have North Carolina health insurance. Insurance helps to protect you if there happens to be an emergency. The problem with insurance is that we tend to not see the benefits of it right away. It is possible you will rarely have to use it but more often than not we do. This is especially true for health insurance whether it is for a simple check up or for something more serious. With the economy the way it is, we can all use to save even the smallest amount of money.
One way to save on your North Carolina health insurance premiums is to increase the amount of the deductible. The deductible is the amount a person must pay before any benefits from their health insurance policy kicks in. Deductibles are mainly used for hospital visits, diagnostic tests, and surgeries. By increasing your deductible, the amount you pay monthly, quarterly, or yearly goes down making monthly bills lower. This can take quite a bit from your insurance bills. The main reason for health insurance is to make sure that you will have a little financial security if there happens to be an unexpected medical issue.
When you increase the deductible for your health insurance, your premium savings are compounded over the year or more and it will offset the increase deductible exposure. What this means is that when your deductible is increased, the amount of money you are saving monthly will add up over time. This is a great idea as long as you are in a position to handle an increased deductible. How do you know if increasing your deductible is the best thing for you to do? You can start by taking a few things into consideration.
If your family is relatively healthy and you have not met your North Carolina health insurance deductible within a certain amount of time, say five years, then the increase would help save you money. If your family were responsible such as being a non-smoker, then the increase in the deductible would likely prove to be beneficial. Having twice amount of your highest deductible set aside in an emergency fund would also mean that you could increase your deductible to save yourself a significant amount of money throughout the year.
