When it comes to your family, health is your priority. You want all of your family members, yourself included, to have access to the best healthcare when you need it. That means you need a healthcare plan you can count on that won’t do damage to your wallet.
Unfortunately, today that’s not always easy. Healthcare is a complicated issue in the United States and one that doesn’t have an immediate solution. However, don’t fret. It’s possible to get the coverage you need for your family without blowing your entire budget. Here are the best healthcare plans for your family. I
Group Coverage vs. Individual Coverage
First, you need to decide if you’re going to choose a group plan or an individual plan. Group plans can be accessed through your employer or a federal program. For instance, if your employer offers insurance for full-time employees, this is a group plan in which your employer will cover some of the cost.
Group plans are the easiest and more affordable option, in most cases. If you can get your insurance through your employer, this will help offset much of the cost. If your employer doesn’t offer insurance or if you don’t qualify, you still have options thanks to government programs like Obamacare or the Affordable Care Act. Obamacare provided coverage to over 20 million Americans, and it might be a good fit for you.
Finally, if you aren’t eligible for employer insurance or a federal program, an individual plan is your best choice. Individual plans are available directly through providers or through an online marketplace like healthmarkets.com. While you might pay more for individual coverage, you will have more options.
Understanding the Terms
Next, let’s talk about the terms you should know when picking out the right plan for your family. This is where many people get tricked up in the process. Health insurance sounds complicated from the outside, but it’s much simpler when we break down the terms.
- Co-pay – A co-pay is a flat fee you’ll need to pay when you receive medical service. They’re fixed amounts depending on if you’re going to the doctor or filling a prescription.
- Deductibles – A deductible is an out-of-pocket expense you need to pay prior to your plan kicking in with coverage. These usually last for a year at a time. For instance, you might need to pay the first $500 towards any hospital visit.
- Premium – Your premium is the amount you pay each month to keep your insurance plan active.
- Coinsurance – Finally, your coinsurance is the amount you’ll need to pay for services, usually around 20% of the cost.
Now that you understand these terms, you’re better equipped to make a sound financial choice when picking out an insurance plan. Don’t let these complex plans fool you. They’re not as confusing as they seem at first glance.
Finally, supplemental insurance will help cover costs for all of the small stuff not covered by traditional health insurance. Many families make the mistake of thinking their health insurance will cover everything. However, you’ll quickly discover this is not the case. Luckily, supplemental plans are affordable and customizable to your needs.
What are the most common types of supplemental coverage?
- Dental and vision insurance for adults
- Disability insurance
- Travel insurance
- Long-term care insurance
- Critical illness insurance
As you can see, these are valuable plans to have. For example, dental care costs add up quickly if you don’t have a supplemental plan to help with coverage for things like regular exams and cleanings. As for the more extreme coverage listed above, most of these start to take effect if you have a critical illness like cancer or if you need long-term care at a facility.
Who should get these plans? If your family is currently in good health, you might be safe choosing only a dental and vision plan, as well as a travel insurance plan when you leave the state. Otherwise, talk to your doctor about your risks. Your health is the most important thing you have. Protect your own health and your families health by choosing the right health insurance plan for your needs, whether you choose an employer plan or supplemental plans