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Family Health Insurance Plan

Family health insurance seems to be a necessary evil.  The likelihood is very high, however, that at some time in his or her life a person or a dependent will need regular medical check-ups or – even emergency – medical treatments.  The exorbitant cost of medical treatments in the United States can quickly wipe out anyone’s savings and leave a person with horrifically high debts.  For these reasons, insurance companies offer to underwrite agreed-upon medical treatments.  A health insurance policyholder agrees to make a monthly payment, or premium, to an insurance company in return for specific coverage stated in a policy.  This article describes the types of health insurance that parents have in choosing a family health insurance plan for their loved ones. 

 

Family Health Insurance Plan:  A Group Policy through an Employer

Many employers purchase a group policy as a benefit to their employees.  This enables employers to offer lower premiums and broader coverage to their employees.  An individual major medical insurance plan through an employer will typically cover a person, his or her spouse, and a limited number of dependents.  It is important for anyone researching or taking advantage of such a family health insurance plan to become thoroughly acquainted with its coverage and exclusions.

 

Family Health Insurance Plan:  Short-term Health Insurance

For those looking a better family health insurance plan, short-term health insurance may be the best transitional option.  Short term health insurance policies are usually effective the day after a policy is signed and can typically be made for thirty days to a year.  Though offering only limited coverage, a short-term health insurance policy can help meet a family’s needs during a time of transition.

 

Family Health Insurance Plan:  Individual Health Insurance

If permanently unable to cover his or her family through a group insurance policy, a person may look into an individual policy instead.  (Government aid may also be available for qualifying individuals and their families.) Many excellent family health insurance plans can be issued on an individual level.  A person looking for a family health insurance plan should carefully consider who is to be covered.  The greater the number of persons covered by one policy the less the likelihood is that an insurance company will issue the policy.  Any pre-existing conditions that a person in a family might have will also play a role in the value of a policy and whether or not it can be issued.  These factors should be frankly addressed early on in discussions of a family health insurance plan.  An evaluation of different health insurance companies should include comparisons of premiums, deductibles (required payments before an insurance company will accept a claim), fees, co-payments (percentages of costs of specific treatments which the customer must pay, typically up to a total limit), exclusions, and any limits on claims.  It is useful to remember that raising the deductible on a policy will typically reduce the premiums and, often, save money overall.  A state department of insurance and a health insurance broker can help a customer with these comparisons. 

 

Family Health Insurance Plan:  Medical Attention through Networks

Health insurance customers may also consider receiving medical attention through networks, such as pre-paid health care systems or fee-for service providers.  In pre-paid health care systems, such as HMO (Health Maintenance Organizations), customers pre-pay the costs of their own medical treatments and share in the costs of other members’ treatments through their monthly premiums.  Pre-paid health care systems run regional clinics from which customers may choose their medical treatments.  Another option for a health insurance customer is a fee-for-service plan.  Preferred Provider Organizations (or PPO) and Point of Service (PSO) are both fee-for-service plans that allow customers to pay only when medical service is provided and to choose from a wider selection of medical professionals.  A network membership is, for many people, the best family health insurance plan. 

The choices in creating a family insurance plan are many, but with thorough research of different companies and their specific policies these choices are easily simplified.  Professional health insurance brokers are ready to assist.  A free comparison insurance quote is available upon request by entering one’s zip code at the top of this page.

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