Who is it for?
As suggested by its name, family health insurance is ideal for individuals looking to cover both themselves and their families.
What are the benefits?
Contrary to what you might assume, an all-inclusive family heath insurance plan is less expensive than insuring each family member separately. Another option would be to purchase a high deductible health plan (HDHP) and open a health savings account (HSA). The multitude of preventative care options provided by HDHPs is especially useful for families. Some examples preventative plan options to consider are: doctor's visits, physical exams, immunizations, and well baby visits. Moreover, you can use these benefits before meeting the first deductible.
What are the risks?
Premiums for family insurance differ among states, and by the age of the purchaser. Older purchasers generally pay more than younger ones, and coverage may be more expensive in some areas of the country than others. Also, if one of your family members has a preexisting condition, it could result in your coverage being denied or a more expensive rate for the whole family. If this occurs, you should think about purchasing separate policies for different members of your family.
How do you find and purchase a plan?
To start off, just enter some basic information about yourself and those you wish to insure on getinsured.com to view instant side-by-side comparisons of available plans in your area. On of our licensed agent can help you through the entire process-from filling out your application to receiving your family health insurance policy. This is all free, so there's no reason why you shouldn't take advantage of this great opportunity! When buying insurance, bear in mind that a typical plan offers fairly high deductibles (more than $7,500) so supplementing your family coverage with an Accident Medical Plan and a Critical Illness Plan could be a viable option. These plans have low deductibles in the $100-200 range and coverage of up to $10,000-which should sufficiently cover the family deductible in the event of an accident or major illness.
Family Health Insurance plans typically have a higher coverage cap or lower combined deductible than an individual insurance plan would.
What is the impact of health care reform now and in 2014?
The following changes are slated for September 2010:
New insurance plans cover specific preventative care services without cost sharing
Insurance carriers cannot drop you if you get sick, due to a mistake you made on your application
New individual plans cannot deny or exclude children below age 19 due to health issues (including babies born with health problems)
If a new plan won't pay for services you understood were going to be covered, you have a new step-by-step appeals process to challenge a decision.
Young adults under age 26 can be insured under a parent's plan if their policy allows for dependent coverage. The exception is if a parent has an existing employer-sponsored plan, and the young adult child can get their own job-based coverage.
Every state currently runs a Medicaid program that offers health coverage for low-income families and children; eligibility rules differ by state. Medicaid and the Children's Health Insurance Program (CHIP) cover children in every state. Also, your children could be eligible for coverage if your income is less than $45,000 per year, for a family of four.
As of 2014, individual insurance carriers can't deny or exclude coverage for a child with a preexisting condition or disability.