Definition: The word "high deductible insurance plans" refers to a type of health insurance that has a higher deductible than most other types, which means it requires paying a higher percentage of the cost before coverage kicks in. The higher deductible prevents the insurer from losing money on claims and allows the insured to pay for medical expenses out-of-pocket rather than having to pay premium payments upfront. This can result in lower monthly premiums as insurance companies are willing to take more risks when dealing with high-deductible plans.
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