There are some things you should know about family health insurance plans. The structure of the deductible is the biggest difference between a private health insurance plan for an individual and one that covers a family. The deductible is the amount a member has to pay before the insurance company begins to pay for services. When you have an insurance policy with a deductible, you will have to pay for your medical services until the deductible has been met. After you have paid the amount of the deductible, the insurance will begin to cover the subsequent services. For a family, it is better to have insurance that charges separate deductibles for each individual family member than it is to have a large family deductible. For example, a good plan might have a deductible of $5,000 for each family member and a $10,000 deductible for the whole family. In this case, each individual family member must reach a $5,000 in services before the insurance starts to cover the medical services or when the total expenses for all family members reaches $10,000 then the insurance will kick in to cover all of the members.
However, other family health insurance plans may require a two family member or three family member maximum on the deductible. This means that two members of the family have to each pay for services up to the deductible before other family members can receive benefits. There is a problem with this structure. For example, if a family with a deductible of $2000 and two member maximum plan, had four family members who each have paid $1500 in medical services. The total the family has paid is $6000, but because no two family members have each reached the required $2000, no one in the family is covered by the insurance plan.
Another thing to consider about family health insurance plans is whether the insurance company prices the coverage based on each individual family member or by a set family rate. For instance, some insurance companies offer family plans at set family rates regardless of how many dependents are in the family. In that case, it is much cheaper for a large family but a family with one child might want to consider purchasing multiple insurance policies rather than one that covers the entire family. This is because the insurance policy with a set family rate will be more expensive for a small family than the total cost of individual insurance policies.
Some other perspectives on family health insurance plans include the point that while insurance can be expensive, it is even more expensive not to have it. Of course, if your employer offers insurance it is the best deal you are going to find. Employer-subsidized insurance is always going to be the less expensive than any you can buy on your own. However, when you have no choice but to purchase your own insurance, you should understand that there is no such thing as standard coverage. The benefits and costs of insurance plans vary widely and it is in your best interest to compare plans to find the one that most meets your needs. Also, the lowest premium isn't always the cheapest plan. What you pay up front for your insurance is not as important as what your insurance covers. You want and need a plan with benefits that you can use. Be clear on what your insurance covers. There can be loopholes. For instance, the optional benefits usually include prescription drugs, dental care and mental health. You may have to sacrifice flexibility for more comprehensive coverage with the lowest out of pocket cost. This means you will have to choose your physicians and medical facilities from a pre-approved network of providers.
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