6 Ways it’s possible for you to Pay
Youre not alone if you cant afford yourhealth insurance deductible.
Health insurance deductibles have been steadily rising for years.
Fortunately, most health plans have deductibles well below the maximum limit on out-of-pocket costs.
Simone Becchetti / Stocksy United
Among people who buy their own health insurance in the individual/family market, deductibles are even higher.
The maximum allowable contribution to a medical FSA is $3,200 in 2024.
If you have to pay yourdeductibleright now but you dont have the money, your predicament is tougher.
Here are some possible options to keep in mind.
But they may be willing to allow you to pay the deductible you owe over time.
Be honest and explain your situation upfront to your healthcare provider or hospital billing department.
The Caveats
You may owe your deductible to more than one healthcare provider.
This means negotiating two payment plans, not one.
Explore Cheaper Health Care Options
Theres usually more than one way to treat a givenhealthcare problem.
Are you using the least expensive treatment option that will work for you?
Youll still end up paying the entire $3,000 deductible before your health insurance begins to pay.
This isnt a very good long-term plan.
Move up to selling other valuables like your car or wedding ring only if youre really desperate.
It amounts to mortgaging your future and getting deeper into debt just to meet your basic expenses.
Credit doesnt have to mean a credit card.
Access a Workplace Financial Hardship Charity
Many large employers have an employee-assistance charity program.
Employees facing a one-time financial hardship may apply to the charity for financial assistance.
Your human resources or employee benefits department is likely your best source of information.
Summary
Health insurance deductibles can be several thousand dollars, depending on the plan.
Kaiser Family Foundation.2023 Employer Health Benefits Survey.
The Henry J. Kaiser Family Foundation.2021 Employer Health Benefits Survey.
eHealthinsurance.ACA Index Report on Unsubsidized Consumers for 2021 Coverage.
US Department of Health and Human Services.
Centers for Medicare and Medicaid Services.2024 Marketplace Open Enrollment Public Use Files.
U.S. Department of Health and Human Services.2023 Poverty Guidelines.
Internal Revenue Service.Revenue Procedure 2023-23.
Internal Revenue Service.Revenue Procedure 2024-25.
Internal Revenue Service.IRS: 2024 Flexible Spending Arrangement contribution limit rises by $150.
Internal Revenue Service.Retirement Topics: Hardship Distributions.
