Looking for a family health insurance can be a real daunting task
. Not only do you have to look forwards to a plan that suits the individual needs of each member, but the medical plan should be affordable and comprehensive as well.
Family plans are costlier than individual plans because they cover more number of people. So if there is a couple, it is a better idea to go for individual plan for each of them. But if the family in question is larger and includes more people, then going in for a family health plan would turn out to be much cheaper than insuring every member individually.
Getting a medical plan that is perfect for the entire family can get really difficult. What is right for one member may not be so for the other. So to get a policy that is adequate for all them is not easy.
The approval of a family policy and the premium to be paid will depend on various factors. These include:
The number of members in the family
Amount of deductible chosen
Pre-existing medical conditions
A review of all this information will help is assessing the appropriate health insurance coverage needed for the family.
A family insurance is advantageous as there are additional benefits that are a part of the policy. Apart from that family insurances are generally cheaper than other plans. One can either buy a family insurance plan on his own or can access it through his employer. Companies often provide family medical insurance to their employees at a subsidized premium.
The types of family health plans are similar to the options available in individual plans. There are basically two types of family medical plans.
a) Indemnity family plan: It offers more affordable rates and access to the largest network of physicians. However the shortcoming of such a plan is that the deductibles are hefty and one has to pay the majority of medical bills up front till the deductible is reached.
b) Managed healthcare plans: These are gaining popularity and have replaced indemnity family health insurances in almost all spheres. Managed health plans include HMOs, PPOs and PoS plans.
Managed healthcare plans are affordable and they offer comprehensive coverage. But the problem with such family plans is that one has to consult doctors within the preferred network of healthcare service providers. One can consult doctors outside the network, but at a higher price. If one's family doctor is a part of the network provided by the insurance company, then there is no deal like it.
Family health insurance plans offer the advantages of group plans coupled with the personalised services of individual plans. However they are cost effective only when you have a large enough people to cater to.