Is a lower deductible always better?
Opting for a health insurance plan with a low deductible won't always save you money. Plans with low deductibles usually have higher premiums; plans with higher deductibles tend to have lower premiums.
Some plans are known as high-deductible health plans (HDHPs). In 2023, to meet the HDHP criteria, a plan must have a minimum out-of-pocket deductible of $1,500 for individuals and $3,000 for families. Out-of-pocket maximums for these plans can run as high as $7,500 for individuals and $15,000 for families. One big advantage of high-deductible health plans, though, is that you can save in a tax-advantaged health savings account (HSA) to help with the out-of-pocket costs.
Generally speaking, though, plans with high deductibles are best for younger, healthier people. If you have health issues, take multiple medications, or frequently visit specialists, choosing a plan with higher premiums and lower deductibles is usually a better bet.