What Is Family Health Insurance?
Shopping for an affordable plan might seem stressful, but we're here to help you choose the right health care coverage available.
Affordable Family Health Insurance Plans
From prescription coverage to special visits to supplemental insurance, we can help you protect your family's health. Our experienced team can provide you with a list of qualified health plans at affordable quotes, so you'll be able to select the best option for your family.
How Much Is Family Health Insurance Per Month?
When you’re searching for a family health plan, there are a few costs to consider, including copayments, monthly premiums, and deductibles.
Copay: A “copay” (short for “copayment”) is the amount policyholders are asked to pay for covered medical services; the remaining balance is paid by the insurance company.
Premiums: Premiums are the monthly payments the beneficiary is required to make in order to keep their health plan. Failure to do so will result in a loss of coverage.
Deductibles: A deductible is the out-of-pocket cost policyholders are required to pay before their health plan kicks in and takes over. Once a policyholder reaches his or her annual deductible, their chosen plan will cover the remaining costs of health care for the year.
Family health insurance plans involve two types of deductibles: Family and individual.
Is Family Health Insurance Cheaper Than An Individual Plan?
If you have a large family, you can expect your health insurance to be costly. If your family is in good health, however, you may get away with paying less per person.
In other words, a family plan can help you pay less per person for health coverage. If your family members are in good health or you’re getting insurance through your employer, however, it’s likely you’ll pay less per family member.
Although family plans may seem costly, unexpected medical expenses can cause a significant financial burden. In the event of an emergency life event or an unexpected illness, health care coverage can reduce your medical costs and help protect your family’s health.
How Much Is Family Health Insurance For Someone Who Is Self-Employed?
If you’re self-employed, consider shopping for plans during open enrollment. (If you missed the enrollment period, it’ll be worth it to see if you qualify for a special enrollment period through the health insurance marketplace.) Depending on your eligibility, you may be able to enroll in a flexible, high-quality, affordable plan through a well-known provider, such as Blue Cross Blue Shield.
The marketplace offers a variety of health coverage, including catastrophic plans that cover unexpected life events to plans that offer comprehensive coverage.
What’s The Best Family Health Insurance Plan?
Choosing the right health insurance plan for your family is an important decision.
While choosing a plan with low monthly premiums and high deductibles may seem like a more affordable option, it’s important to consider the specific needs of you and your family. When it comes to buying a good plan for your dependents, you may want to consider shopping for health insurance plans with a higher monthly premium and a lower deductible.
If your family members are in good health, consider investing in an insurance policy that covers preventive care to keep your family healthy. If your family members have pre-existing conditions or other exclusions, you may need to invest in more comprehensive coverage and a wide range of network providers.
What is a PPO?
A PPO, or Preferred Provider Organization, provides patients some flexibility when they choose a doctor or hospital. They do offer a selection of in-network providers your family can visit for the best price but are reasonably forgiving if you choose to see a doctor out-of-network. Additionally, PPO plans often cover visits to specialists without a referral from your primary care physician.
Because of the flexibility PPOs offer, the monthly cost may be a little higher than those in HMO plans. Additionally, there may be a deductible. If you choose this plan and see a doctor outside of your network, coinsurance, or the price you pay after your insurance contributes, may be higher.
What is an HMO?
An HMO, or Health Maintenance Organization, gives patients the ability to visit a list of specific doctors in-network. In-network organizations lower the cost for patients who participate in the plan.
HMOs strongly encourage all patients to have a primary care physician to report to for the majority of their health needs. From there, the PCP can refer specialists and other doctors if necessary.
Because HMO plans can be more strict than PPO plans, the monthly premium will often be lower. This in mind, many families in need of financial help opt for this plan.
Which is Better an HMO or a PPO?
When selecting healthcare coverage in the United States, you will likely decide between these two options.
That said, there is no “better” choice. Some families prefer to stay in-network and pay lower monthly costs. Other families count on a wider network of doctors for their needs.
The best person to offer medical advice would be your doctor. Depending on your current health needs, the plan you choose could vary from year to year. When you reach the age to receive Medicare, you will still choose between these two types of plans.
Is Family Health Insurance Tax-Deductible?
If you purchased a qualified health plan through the marketplace, you can only deduct the out-of-pocket costs of monthly premiums. You cannot deduct the amount of any subsidy.
Meanwhile, if you purchased a family medical plan through the open market or the health insurance marketplace and paid all costs out-of-pocket, the entire amount is deductible. Your total health care costs, including monthly premiums, must exceed 10 percent of your adjusted gross income to be tax-deductible.
If family health coverage isn’t within your budget, check your eligibility for ACA subsidies. Under Obamacare, ACA subsidies provide tax credits for individuals who cannot afford health coverage.
Benefits Of Opting For A Family Health Insurance Plan
If you have a large family, opting for a family medical plan can help you save money. Health care coverage can reduce your out-of-pocket medical costs in the event of an unexpected life event or illness. Additionally, choosing a good plan can give you peace of mind knowing that your family’s health and financial well-being are protected.
As an independent licensee of the Blue Cross, we can help you find affordable affiliates of Blue Shield plans for your family. Whether you’re looking for a brand name plan, a wide range of network providers, Telehealth benefits, or low-cost preventive care, we can help you make the right decision.
How Do I Apply For A Family Health Insurance Plan?
Did you miss open enrollment through the health insurance marketplace or experience a recent loss of coverage? If you’re not eligible to apply for health coverage during a special enrollment period, or SEP, don’t worry—you can still enroll in health coverage today.
To start your application for a Qualified Health Plan (QHP), visit https://hqg.wpengine.com/missed-open-enrollment/ or call an insurance specialist at 1-866-512-0040 1-866-512-0040. Our insurance specialists will connect you to the best affordable plan for your family.
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