How much health insurance coverage should I have?
How much can you afford? As mentioned above, this comes down to what you can afford on a monthly basis in premiums compared to what you may need to pay out of pocket when you commence to use the health insurance benefits. For example, say you have a PPO plan. You can have a zero deductible, $10 co-pay plan, which would be a very rich plan in terms of benefits and pay a great deal in monthly premium. However, you could change it to a $250, $500 or $750 deductible plan with a $20 or $30 co-pay plan and thus pay far less in monthly premiums given that you have agreed to pay the deductible first, out of your pocket. In conclusion, to determine how much coverage you need, comes down to a cost-benefits analysis that you must first engage in to determine the amount of insurance you may want to purchase.