There are more choices than ever these days for how we can manage our health care, and what type of affordable health insurance for families is available to us.
Even if you are one of the almost two-thirds of insured Americans who gets their coverage through their jobs, there’s a good chance that your employer will offer more than just one family health insurance plan. When deciding what coverage to choose, especially if you want the cheapest health insurance for families, there are number of issues you need to consider.
When comparing family health insurance options, the first is for many people is price, which is known as the “premium” for the insurance. But when you look at different plans, you should also take into account the other costs, like the policy deductibles, and your co-pay and co-insurance obligations.
Since the deductible is generally calculated each year, you’ll need to take into account that if someone in your family gets hurt or becomes sick, you’ll have some payment obligations up to the amount of this deductible. So a plan with relatively low premiums but a high deductible might end up costing you more money if you or anyone in your family needs medical care with some regularity. You should pay particular attention to this analysis if you or a member of your family has any existing healthcare issues, or if there is a history of health problems in your family.
The bottom line is that you should look at a number of different options, because the least expensive family health insurance plan can end up costing you many thousands of dollars more in the long run if the coverage is not a good fit for your needs.
In addition, if you or anyone in your family already has a strong relationship with one or more local doctors, then you’ll want to make sure that the policy you choose provides for the full range of benefits when seeing that doctor. You can ask your doctor which health care provider networks they are affiliated with, as this might help to focus your search even further.
You should also find out whether a prospective policy offers the option to add (for an additional fee) other types of coverage, including dental care, eye care, or alternative health care. If you have children who might need braces, this might help you to select one policy over another.
Finally, a recent development that has become popular is the Health Savings Account (or “HSA”), together with a “high-deductible” insurance plan. (As of 2019, a “high-deductible” family health insurance plan is one where the annual deductible is $2,700 for the family, and the annual out-of-pocket expense cap is $13,300. This limit doesn’t apply to out-of-network services.)
The HSA is an account that lets you deposit up to a certain amount of money each year (As of 2019, you can contribute up to $6,900 for a family HSA) into a special tax-deductible savings account, and use those funds later for your or your family’s qualifying medical expenses. In addition, because of the “high-deductible” aspect of the insurance plan, the monthly premiums are generally very low. For those families who don’t anticipate needing a great deal of medical treatment, this can be a very affordable option.
Having health insurance coverage for yourself and your family is one of the most important ways you can protect your financial future. Without proper coverage, a single accident or illness could cause great financial hardship.
Who Has the Most Affordable Health Insurance for Families?
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