You May Be Shocked by How Much Healthcare Deductibles Have Risen
Health insurance is supposed to help cover the costs of care, but there's a catch. Most policies come with an annual deductible. While your insurance will likely cover some services even if you haven't paid it yet -- such as preventive care or cancer screenings -- you'll have to pay out of pocket for most things until the deductible is met.
This can be a problem since deductibles have become much higher for most Americans. In fact, research published last year revealed that health plan deductibles have actually tripled over the past decade for policyholders with employer-sponsored health insurance.
This dramatic increase far exceeds the growth in income over the same time period, and it has occurred at the same time that insurance premiums have gone up as much as 50%. It has left more than half of all families with deductibles over $1,500 for individuals and $3,000 for families, while around one in five policyholders have a deductible of at least $3,000 per person and $5,000 per family.
Source Fool.com
