Deductible is the amount that you, the policyholder, first pay yourself i.e. Out of your pocket before your insurance company starts covering the medical costs. The deductible amount is inversely related to the premium amount you pay. Higher the deductible, lower will be the monthly premium, and lower the deductible, higher will be the monthly premium.

If you are thinking about going for a low-deductible plan, the sum you have to pay is far less overwhelming. However, you need to remember that you will have to pay a much higher premium. Such plans are suitable for individuals who are likely to spend quite a bit on medical care. If you suffer from any kind of chronic illnesses and you expect to get hospitalised often then you can consider opting for a low deductible health insurance plan since this will help you save more in the long run.