Getting family health insurance is one of the best ways to take care of the people you love, all at once. While buying family health insurance is definitely going to be more expensive than buying individual health coverage, it also can be affordable than buying separate policies for every member of your clan. Thank the discounted rates for buying your insurance in bulk, so to speak.
Of course, there are many considerations when looking to buy family health insurance that extends beyond cost, so keep reading. We’re going to guide you through the process of finding the best family health insurance for you and your tribe.
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As the name suggests, family health insurance is a health insurance policy that covers your whole family. So, instead of getting separate plans for everyone, you get one plan, one premium, one provider, and peace of mind your loved ones are taken care of. Simple, right?
Yes, and no. There are a few more things to consider before getting a plan, a big consideration being your deductible.
With family health insurance, the deductible you have to pay (i.e. the amount you pay out of pocket before insurance kicks in to help cover costs) is often paid both individually and toward the family deductible.
Here’s what we mean: Each time a family member makes a payment on a covered product or service, it goes toward the individual’s deductible as well as the collective family’s deductible.
When an individual’s deductible is met, that person is covered. Once the family deductible is met, everyone in the family is covered even if an individual has not met their deductible. This is called an embedded deductible.
All this said, there are some family health insurance providers who will only count payments toward an individual deductible and not toward the whole family’s, and this may be okay with you, but regardless, it’s important to understand your deductible scheme because it affects how much money you are actually paying out-of-pocket before insurance kicks in.
Let’s look at an example of a family of five with an embedded deductible:
In this scenario, everyone has a deductible of $1,000 and a family deductible of $2,500. This means coverage will start when the collective sum of the deductibles paid by each separated member of the family reaches $2,500—instead of necessitating that everyone pays $5,000.
The savings are obvious.
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We’ve already discussed the types of family coverage health insurance, and also outlined how deductibles work with family health coverage plans, but there are a couple of other considerations that will affect the cost of your plan:
Of course, the size of your family is not the only consideration when buying family health insurance. Take all factors into account to make the best choice for you and your loved ones.
Start by getting a fast and free quote for family coverage health insurance. We’ve curated a list of the top providers in your area and will match you with the best family health insurance for your needs. Request a quote now.
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That depends on many variables, including the size of your family, health of your family and the type of family coverage health insurance you select. To give you a general idea, however, the average cost of health insurance in 2020 was $1,152.
That depends on your needs and budget. Get a fast and free quote for the best family health insurance here.
Under the Affordable Care Act (ACA), you cannot be denied coverage based on a pre-existing condition. However, it may cost you more money.
Margaret Huntley Margaret Huntley is a creative writing and philosophy student at Western University. She has been working as a freelance writer for over two years and has written about everything from insurance, to poker, to health and wellness for international businesses.
