Should You Buy High-Deductible Insurance?

Should You Buy High-Deductible Insurance?© Thomas Northcut/Digital Vision/Thinkstock

Also known as “catastrophic” insurance, this option generally lets you pay low premiums and covers most of your routine medical care in exchange for high deductibles.

Lower premiums means more money in your pocket, and since this kind of coverage is designed to be used with health savings accounts, it can lower your taxable income as well. But you should only consider one if you have enough savings to pay for care until you’ve met the deductible, have no serious or chronic health conditions, and have a plan that meets your needs. Some won’t cover prescription drugs, for instance, maternity benefits, or mental health and substance abuse treatment.

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