Family Health Insurance
Deciding that you need family health insurance is the easy part. Now you need to determine how much health insurance your family needs. The following are tips to help find the answer to this important question:
Consider Services
A family with a history of vision problems may value a family health plan that includes coverage for vision care. Likewise, family members who take prescription medication will benefit greatly from a family health plan with a prescription drug benefit.
Family health insurance plans can include a variety of services–some more desirable to certain families than others. Consider how much you currently are spending for the ongoing medical expenses of your family, such as vision care, dental care or prescription medication. Covering these expenses is a great “need.” A plan that covers these expenses may be worth the additional premium.
Policy Limits–Stretch Your Money
When it comes to policy limits, the only good answer is “the higher, the better.” However, not everyone has the luxury of paying for higher limits. For plans with limitations, inquire if additional limits are available. If so, consider the effect increasing those limits would have on your premium and your budget.
Most people shopping for family health insurance are on a budget. The last thing you want is to sacrifice coverage you believe is valuable. Some family health insurance plans may include coverage for services that are not as important to you as others. Discussing the plan with the provider may enable you to eliminate certain coverages from the plan, thus saving dollars that can be used to purchase required coverages from the provider or elsewhere.
Network Need
Most family health insurance plans limit coverage for services performed by an out-of-network physician or medical facility. If you plan to continue to get treatment from a family doctor, specialist or health care facility you “need” them to be in your network, even if the premium is higher.
How Much Can You Handle
It’s miserable to think about, but the only way to understand the importance of budgeting for family health insurance is to consider how much of a financial blow you could handle. The more people in your household dependent on your income, the more dependent your family is on family health insurance to cover its health care expenses.
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