Have a High-Deductible Health Insurance Plan? You're in Good Company.
Many Americans grapple with rising healthcare costs, and while premium increases are often to blame, the popularity of high-deductible insurance plans is also a factor. In fact, 66% of insured Americans today have deductibles above $1,000, according to a new report by real estate service Clever.
As a reminder, your deductible is the sum you must pay out of pocket before your insurance company starts picking up the tab for your services. High-deductible health plans often come with lower premiums, but for those who get sick often or require a lot of medical care, they're often far from a bargain.
According to Clever, the average annual deductible for individual coverage in 2007 was $714, and at the time, 81% of enrollees in that category had a plan with a deductible of less than $1,000. In 2018, by contrast, the average annual deductible was $1,573, and 67% of insured individuals were on a high-deductible insurance plan.
Source Fool.com