More than 4 in 10 Americans say they prefer high-deductible health plans so they can pay lower monthly premiums, according to a new Bankrate.com report.
Bankrate asked about 1,000 adults their opinions on health insurance preferences and how they feel about shopping for coverage.
Millennials and Americans with household incomes of $30,000-$49,999 are the most likely to prefer a high premium/low-deductible plan, while higher income Americans ($50,000 and up) and those ages 30-64 years-old are more likely to prefer a low premium/high-deductible plan, Bankrate found.
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Specifically, according to Bankrate:
- 52 percent of Americans making $50,000 a year or more would rather have a plan with a low premium but high deductible, while just 39 percent of those earning less would make the same choice.
- 46 percent of young people between the ages of 18 and 29 prefer a plan with a high monthly premium and a low deductible, compared with just 33 percent of those 50 or older.
- 16 percent of seniors 65 or older say they like neither option, versus just 3 percent of the youngest respondents.
According to data, deductibles have skyrocketed in the past few years: Analysis from the Kaiser Family Foundation and the Health Research & Educational Trust finds that deductibles are up nearly 50 percent since 2009.
In PPACA plans, too, already high deductibles are climbing higher this year, according to HealthPocket analysis.
Still, high deductible plans may be more beneficial for many consumers, says Bankrate insurance analyst Doug Whiteman, and more are realizing that.
"While a low health insurance premium can be very attractive, you don't want to make the mistake of focusing too much on your monthly payment," Whiteman said. "Especially for older Americans who may require more doctor visits than their younger counterparts, a low premium/high-deductible plan could actually cost more in the long run."
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