Your family is likely to be the most important thing in your life therefore you should do everything possible to keep them safe and healthy. Family health insurance plans usually consist of an individual, typically a parent, adding the other members of their immediate family to their policy. You will find that by having all the members of your family on one insurance policy will save you a lot of money in the long run. It is definitely far less expensive than taking an individual health insurance policy for each person.
There are numerous family health insurance plans for you to choose from. Is extremely important that you not only consider the cost, but also the amount of coverage you believe would be beneficial for your whole family. Even though it may cost you more initially, selecting a fully comprehensive plan that also covers your regular doctor’s visits and the cost of prescriptions will save you money.
There are many things to consider prior to taking out this type of policy. One aspect of the plan that will require consideration is that the majority of insurers will not accept certain pre-existing medical conditions. Should a family member suffer from one of these conditions, you may find that your premiums are more expensive, that the family member in question will not be included in your policy or the entire family will be declined. Unfortunately if one insurance company has declined you for Family Health Insurance, the likelihood is others will too. This may make it extremely hard you to find a suitable policy and it may also mean that your premiums will be higher.
Health Maintenance Organisations (HMO) – an HMO is the most affordable type of insurance to protect your entire family. They usually use a network of providers which will include doctors, hospitals and specialists. Should you wish to use an “out of network” service, you may, however you will not benefit from the discounted rates that the plan offers. It can be very inconvenient for your spouse and especially your children if your usual doctor is not part of the network. Therefore it is advisable to check whether your favourite doctor is included prior to accepting a policy.
Preferred Provider Organizations (PPO) – a PPO plan, once again, will have a comprehensive network of health care providers. With this type of policy you do not need to choose a primary doctor and can be referred to a specialist at any time. Should you or a member of your family prefer to see a doctor or specialist outside the registered network this will be provided but at a higher cost. Most PPO’s require a deductible or excess payment prior to satisfying a claim. This is mainly due to the fact that they provide a far larger choice of health care providers within their network.
Point Of Service Plans (POS) – a POS contains certain aspects of both the previous plans. However this type of plan is likely to be extremely affordable and still manages to be fairly flexible. You can choose a primary care physician to look after the needs of you and your family and they are also responsible for any referrals that need to be made to a specialist. Should the specialist not belong to the specific network of health care providers, this is fine but may cause you some inconvenience as you must complete the claim yourself.
Health Savings Accounts (HSA) – HSA’s will usually provide far lower premiums than any other type of family health insurance plan. This type of plan is tax-exempt and is typically used for those regular health expenses. This can include regular doctor’s visits, over-the-counter medications and prescription drugs. An HSA allows you to have far more control and responsibility then a normal insurance plan would.
Guaranteed Issue Health Insurance – A Guaranteed Issue Health Insurance Plan will cover any individual or family that applies. This is especially useful if a member of your family suffers from a pre-existing medical condition as you are guaranteed to be accepted with this policy. You will find that premiums are far more expensive than standard plans however a person with high blood pressure, diabetes, cancer and those who are pregnant will still receive cover.
Other forms of family health insurance plans that you may wish to consider include life insurance, critical illness insurance and accident insurance. Although these insurance policies will only provide a benefit should a specific event occur, your family will be provided with a tax-free cash lump sum when they need it the most.