A Review of the Best Health Insurance Plans for Family
One of the most crucial responsibilities for any individual is to ensure the family’s health needs are taken care of.
Buying a good healthcare plan is, therefore, a priority. Many households would naturally prefer a health insurance plan that is comprehensive.
Healthcare costs have pushed the ceiling and keep soaring towards the sky. No one wants to be caught unaware if a medical emergency occurs.
With an adequate health insurance plan, this constant worry is lifted off your shoulders.
Types of Health Insurance Plans
Public health Insurance
Public health insurance exchanges also allow people to apply for the following:
- Medicaid: This is a federal program for adults that are over 65 and certain disability cases.
- Medicare: It is a state-run public health insurance program that supports low-income earners.
- Children’s Health Insurance Program (CHIP): An insurance program that provides low-cost, subsidized, or free insurance for children.
These allow you to access help paying for your plan if your application is successful. If not, then the only alternative is to turn to private health insurance providers for your family.
Private Health Insurance
Private health covers are offered by private entities such as insurance companies and brokers. You can access private health insurance options such as the following:
- Federal or state marketplace plans
- Private plans provided by agents and brokers
- Health plans offered by the employer
Health insurance plans offered via your employer include group health plans. Several private plans include benefits that do not meet the ACA specifications. Other health insurance options for your family, for instance, catastrophic coverage, may include different benefits not covered by the ACA.
It is important to note that not every plan offered outside of the government marketplace qualifies as health coverage. Before 2019, you could face a tax penalty if this was your only proof of health insurance coverage.
After 2019, you do not face any penalties for only having coverage that does not satisfy the minimum basic requirements.
Other types of Health Plans
Managed Care Plans
The insurance provider has contracts with a network of healthcare providers. They will then offer low-cost medical care to the insured. Out-of-network health providers may pay additional costs but they provide the same services to the insured.
Also called a fee-for-service plan, indemnity covers services equally among all healthcare providers. The policyholder is allowed to choose their preferred treatment facility. The cover pays for at least 80% of treatment costs. The insured clears the remaining cost as a co-insurance.
Health Maintenance Organizations (HMOs)
HMOs, offer medical services to the insured directly. The policy comes with a dedicated primary care provider that coordinates all necessary care. Only the treatment referred by the care provider is funded by the insurer who negotiates fees to reduce costs.
Preferred Provider Organizations (PPOs)
A PPO allows you to choose your physician. However, it provides a network of approved health providers that they have negotiated costs with. If you opt for an out-of-network provider, the insurance will pay less. However, you can self-refer to a specialist without consulting the primary care provider.
Point-of-Service (POS) Plans
POS incorporates both HMO and PPO. You can choose to coordinate treatment via a primary care provider and receive care within the provided network. Alternatively, you can opt for out-of-network physicians. The type of plan you choose dictates the progress of care.
What are the Benefits of a Family Health Insurance Plan?
Family health plans may be different in different states. However, they all include the staple benefits spelled out by the Affordable Care Act (ACA). The following are the required minimum essential coverage all plans must offer:
Standard of Care
Healthcare plans are expected to cover preventive services minus co-payments, coinsurance requirements, and deductibles. Choose your healthcare provider within their networks. However, you can seek emergency care at any hospital.
Healthcare plans are expected to include the following:
- Immunizations are recommended by the CDC (Centers for Disease Control and Prevention) for adults, adolescents, and adults.
- Preventive care is endorsed by the Health Resources and Services Administration (HRSA).
- Services with ‘A’ or ‘B’ rating as classified by the United States Preventive Services Task Force (USPSTF).
- Certain women’s screening and services
What is the Average Cost of Family Health Insurance?
A premium is the amount of money the insured pays to stay enrolled in a plan with the insurer. In 2019, healthcare coverage for a family of four costs around $20,576 in annual premiums. Deductibles are pegged on the size of your company(if the company picks up the tab) or your plan of choice.
How to Access a Family Health Insurance Plan
Not every employer will offer health insurance plans for families to their employees. The onus is, therefore, on the individual to provide a cover for his or her family.
Moreover, self-employed people also need access to health insurance for their families.
If you need a family health plan, you can access it via federal, private, and state insurance exchanges. Approach an insurance broker to get you a good plan. Alternatively, you can get one directly from your preferred insurance company.