What are the Pros and Cons of having a high deductible health insurance plan?

60 year old person with some minor health issues.
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Yes, higher deductibles mean more money out of your pocket. At 60, you are a risk, and probably have already had opportunities of being uninsured. Typical ailments include HTN (hypertention), diabetes, and/or respiratory issues. Lower deductible plans will benefit for immediate out of pocket expenses, but are generally too expensive to even consider on a monthly basis. Basically, you need to look at the deductible and determine you can pay it AND include in that the premium costs. These type of plans will only really see use in a catastrophic situation. If you are admitted the the hospital you deductible will be removed from the portion the insurance company pays the hospital. The hospital will then usually set up a payment plan for you to cover your deductible. If you go to the doctor or need medications you will be forced to pay for that each and every year to meet the dedcutible. Rarely are your out of pocket maximums met in general routine care. Hope that clears things up.
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