With American medical costs rising every year, it’s more important than ever to provide your family with the right protection. Your health is the most important thing you have. Without it, everything else goes out the window. When it comes to keeping your family healthy and happy, you need the best health insurance family plans. Unfortunately, it doesn’t come cheap. Health insurance costs for a family of four are expected to reach $28,166 this year.
Although you know you need health insurance, you’re not always sure how to make the best decision. You don’t want to spend more money than you need to on monthly or out-of-pocket costs, yet you don’t want to be caught without enough coverage to get the care you need. This guide will share everything you need to know about getting the right plan for your family.
Finding the Best Health Insurance
Most Americans get insurance through their employer. This is a great way to save on costs since your employer will pay a percentage of the plan themselves. Going through your employer rather than the local market is easier, and it’s usually the least expensive option.
If you’re self-employed, unemployed, or if your employer doesn’t offer insurance, you still have options. Thanks to the Affordable Care Act, you can access insurance marketplaces in your local area online. If you’re not sure where to start, speak to a local insurance agent who can lead you towards the best decisions for your budget and needs.
There are generally several levels of insurance to choose from. The more affordable plans will cost less each month, but they’ll also include more out-of-pocket payments when you receive service. On the other hand, paying more monthly will lead to more coverage and less paying out of pocket. Your choice will come down to your own individual needs.
Understand Types of Family Health Insurance Plans
Next, you’ll need to know a few things about types of health insurance family plans. These plan types will determine which doctors you can see and how much you’ll need to pay for health services. Consider all the prospective costs when choosing a plan type to make sure it fits both your budget and your health needs as a family.
Preferred Provider Organization (PPO) – A PPO plan includes coverage for in-network and out-of-network care. While you don’t need to see an in-network doctor for coverage, these doctors will be less expensive.
Health Maintenance Organization (HMO) – With an HMO, you can select your own primary care doctor. This doctor is then necessary for referrals to any outside care, including labs, specialists, and more. No referral is necessary for emergency care.
Exclusive Provider Organization (EPO) – Is a flexible EPO the best health insurance for your family? You don’t need a referral for additional care. However, these networks are smaller, and you’ll need to stay within your network to keep costs down. You’ll be responsible for the costs associated with out-of-network care.
Point of Service (POS) – Finally, a POS plan is a hybrid between an HMO and a PPO. These provide lower cost care for in-network doctors, and you can get this same low cost if you have a referral for an out-of-network provider. However, they still require you to choose a primary care doctor.
Choosing the Best Health Insurance Family Plans Coverage
Finally, you’ll need to choose coverage within your health insurance family plan type. All health plans come with different levels of coverage. What you decide upon will depend on projected health costs for your entire family.
If you’re not expecting to need excessive care, then a high-deductible plan may be all you need to purchase. What this means is that you’ll pay less monthly, and you’ll pay more out-of-pocket. However, if you run into an emergency, you’ll still have some coverage. On the other hand, if you anticipate having more medical needs, it’s worth paying more monthly for lower out-of-pocket costs.
What we can all agree on is that our health is important. When it comes to keeping your family protected, narrow down the best health insurance family plans for your family to find one that works for everyone. Once you choose a plan, the next thing you’ll want to do is double-check you’re applying these cost-saving strategies on medical expenses.
No parent wants to find themselves unable to pay for medical coverage. That’s why it’s essential to make an educated choice not only about how much you pay each month but also about how much care you receive.