More consumers are beginning to favor high deductible health insurance plans, especially as employers begin shifting insurance costs to workers. High deductible plans have proven interesting to consumers because they have lower monthly premiums. Cost has been an issue that has prevented many consumers from purchasing health insurance policies. With premiums on the rise, many people are looking for ways to keep their costs down, and high deductible policies may be the best way for them to do so.
Millennials show particular interest in high deductible plans because they are generally healthy
These types of policies are particularly popular among Millennials, who are generally healthy and very rarely seek out any form of medical care. The problem, however, is that if they ever need medical care, they may be surprised by the out-of-pocket costs they will be forced to deal with. Typically, many consumers do not budget for high deductibles, which means that they may not have the financial means to cover the cost of medical care before their insurance kicks in.
Employers express regret in offering high deductible plans
Those with chronic medical conditions may find high deductible plans quite financially stressful. Because they tend to visit the doctor more and make use of medication, they will tend to pay more for their medical care before their insurance covers the costs. When it comes to employer-sponsored coverage, approximately 52% of employers regretted choosing high deductible plans, with another 59% noting that these plans were financially detrimental, according to a recent survey from Aflac.
Financial burden of high deductible health insurance coverage is weighing in consumers
The survey also showed that consumers acquiring these plans had regrets as well. The Aflac survey found that 65% of Millennials regret having high deductible policies, even if these policies saved them money in premiums. For some, the offering of high deductible plans has pushed them into health insurance exchanges, where they can find a wide variety of policies that better suit their needs.
