Their sentiment mirrors what a large group of consumers prefer when they are choosing health insurance plans, with 36% of Americans who chose that option. More than four in ten Americans (44%) prefer a high deductible health insurance plan with a lower monthly premium, while 9% said they do not like either of those two plans.
“It’s much better to go through the pain of researching and choosing a plan now than it is to figure out how you’re going to pay for an unexpected hospital visit during an emergency,” said Doug Whiteman, Bankrate.com insurance analyst.
Millennials and Americans with household incomes of $30,000 to $49,999 are the most likely to prefer a high premium/low deductible plan, while higher income consumers who make $50,000 and up and those ages 30 to 64 years old are more likely to prefer a low premium/high deductible plan.
“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,” he 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.”