Before starting my article, I would love to raise a question. Be honest to yourself and answer it by your heart. “What is the most important thing to you in the world?” I know, you will be a little bit stuck for a moment and starts to think about what is important for me? The answer may differ from one person to another and sometimes there is a list other than one, single component. However, if someone asked the same question from me, my answer will be it’s my family. I agree there are lots of other things such as career, money, education, and the list goes on. But for me, the rest of the things comes next after the family. It is not just family, it should be “my family’s happiness”. You will be agreed with me on this. My prayers are with you as not to happen such thing, but for a moment let’s think like this. What if your beloved family member is diagnosed with a disease, met with an accident or health is in danger and life is at the edge? Can you be satisfied with the money you have made, the career you have achieved while the one you love the most is suffering? That is why I said, nothing is more important than yours and your family’s health as it is the foundation of a happy family. Thus this article is about family health insurance.
What is family health insurance?
Family health insurance is a kind of health insurance that provides medical coverage for more than one family member including spouses, children and other dependents. These policies will provide health insurance coverage for two or more members at the same time. Some policies are there, which will allow you to include only your spouse and children and some are there which will allow you to include your parents to the existing insurance policy you have borrowed. And sometimes with a cost of additional premium, you will be allowed to include your in-laws as well. Health care costs are rising day by day and thus it is vital to have health insurance that covers your family.
Costs related to family health insurance
Not only in family health insurance, but also every other kind of health insurance plan, you will find some costs like premiums, deductibles and other various costs such as out-of-pocket maximum.
- Premium - This is just like a membership you owned. You have to pay a fixed amount monthly or annually to keep your membership. Just like that premium is the fixed amount you pay monthly to get enrolled in your family health insurance plan.
- Deductible - The deductible is the amount of money you have to pay for your care before the insurance company shares the cost. In the family health insurance plans, there are two types of deductibles, generally named as family deductible and the individual deductible. What you need to keep in mind is that to reach at least one of the deductibles, either the family or individual always before the family insurance knock at your door.
- Co-payment - Sometimes called “Copays” is a flat fee that you pay each time you go to your doctor’s office or fill a prescription and it can vary from different services within the same plan, like drugs, lab tests and as mentioned doctor visits. It is a fixed amount that will be effected either before or after reaching the deductible. In certain cases, you would have to pay the deductible first and then pay the copay
- Co-insurance - This is one of the other terms commonly used in health insurance. Co-insurance is simply the sharing of the cost between you and your health insurance company for covered health care services. This applies after you have met your deductible and before your out-of-pocket maximum has been met.
Unlike in ancient times, nowadays people pay attention to their health because of skyrocketing health care costs. And at the same time, they try to keep control over these costs. There are lots of options and lots of facts to be considered when choosing a health care plan. When shopping for family health insurance, you have to be very careful about the aforementioned costs than you are looking for individual coverage. Have a thorough understanding before the purchase is made. Stay healthy and keep the beloved family protected.