Medical insurance is probably the most important of all insurance policies simply because without good health, it is almost impossible to live an enjoyable life. As you are well aware, health insurance is not free; you certainly have to pay for it. Two of the most important terms with regard to medical insurance are premium and deductible.

Premium refers to the amount of money you have to pay every month, or year for your health plan. An insurance deductible on the other hand is the amount of money you have to pay – in the event that you undergo treatment, medical procedure etc – before your insurer can step in. This means that as much as your health insurance plan is designed to help you out with your health care bills, you still have to incur costs; it is all about sharing the financial burden really.

In most cases, the amount of money you pay as premium will determine what you end up paying as deductible when you eventually receive treatment from a health care provider. In most cases, the higher the premium you pay, the lower your deductible will be and the other way too.

Quite a number of people across the country have to pay high insurance deductibles because of their specific health care plans and as a result, most have a hard time footing their hospital bills. The economy is yet to fully recover and therefore such extra costs can prove quite overwhelming. The good news however, is that you can access medical loans which will enable you pay off your deductible so that the health insurer can take care of the rest.

The reason why most people take health plans with high insurance deductibles is because of the lower premiums that they attract; this is one way of saving on recurring costs. Medical loans are there to help people who would like to benefit from low premiums but may not always have ready cash to cater for high deductibles when that time comes. The whole idea is to spread costs over a longer period of time as opposed to giving out a significant sum at a go; this of course lowers the financial burden.

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