The fact is that family health insurance plans have been available only to large companies and families with two working adults. For an employee-sponsored health plan, the federal government considers insurance affordable only if it costs 9. 83% less than the family income of an individual s family, not counting the cost of adding family member s to the policy. Family health insurance can be really expensive.
However, there are a few family health insurance plans that are available in the market that are quite affordable. They fall into the various different plan types that are categorized into different levels of coverage. Each level of coverage has a monthly premium. And family plan types differ from individual plan types. Let us see how different plan types operate on a monthly premium basis.
The lowest monthly premium family health insurance plans are those which are just below the level of an individual health insurance plan. In fact, there are some family health insurance plans which can be as low as $129 per month! These family health insurance plans provide no medical coverage for dependents. However, they provide adequate coverage for the major medical and hospital bills of the family. They cover the total expenses of treating a patient who has become a family member.
Most family health insurance plans have a deductible or a co-pay which needs to paid by the insured. Usually the higher the deductible or co-pay, the lower the monthly premium. But note that this does not mean that an extremely low premium is good because some high deductible plans do not have any out-of-pocket costs at all. So before buying a policy, take time to check what is included in the deductible or co-pay and how much the policy will cost with no deductibles or co-pays.
There are other family health insurance plans like the point of service (POS) and the catastrophic care plan types. With the POS plan, there are usually deductibles and co-pays. However, with the catastrophic care plan type, there are usually no deductibles and only a few co-pays. The main advantage of the catastrophic care policy is that it covers unexpected illnesses, hospitalizations and even surgeries.
The best family health insurance plans which offer adequate healthcare needs should have a flexible coverage option for the different healthcare needs of the family. This means the policy should be able to adjust its benefits for the varying healthcare needs of the family. This flexible healthcare needs should be reflected in the premiums of the policy. The premiums should be adjusted to take into consideration the current healthcare needs of the family as well as the projected changes which may occur in the future.
Another important aspect which should be considered when looking for the best family health insurance plans is the level of deductible. Most people prefer a single lower deductible family health insurance plan. However, if the number of dependents are very large, then the family could be saving money by opting for a two or three-fold deductible plan instead. This would mean that the family could save money if any member of the family gets sick.
There are other plans available in the market. These include flexible lifetime family plans and convertible family insurance plans. These two types of plans allow the members of the family to shift to another plan if they get ill or retire from the same family insurance plan. Hence, one should look for a family health insurance plan which best suits the needs of the family.
When looking for the best family health insurance plans, it is also important to check the financial stability of the company. If the insurer has been around for long and has been providing good services, then the company will be stable enough to handle high levels of demand for its products. A lot of people have to switch from individual health insurance plans to family health insurance plans due to this reason. However, there are some insurers who have recently been providing services for the entire family. One should therefore look out for these kinds of companies, as they might provide better coverage than individual plans.
When looking for insurance plans, it is also important to look out for the additional benefits that one can get. Some of the additional benefits include prescription coverage, vision care coverage, emergency room visits, hearing aids, mental health coverage, family health counseling, and complementary health services such as chiropractic and acupuncture. These additional benefits can sometimes help reduce the overall cost of health plans, so it is best to look for them.
Finally, when looking for family plans, one must consider the tax subsidy provided by the government. The government provides tax subsidies to many families on the basis of their ability to pay for family plans. Some families qualify for the tax rebate because they hold more than one policy with an insurer. For families that qualify for this tax rebate, they also get special benefits, such as lower premiums and larger tax refunds, on top of the tax subsidy.