How to Choose Family Health Insurance

Posted by Ruby Gray on March 27, 2015


One of the most important decisions you will have to make for your family is the type of health insurance plan to get. You'll want to make sure everyone is covered for regular things like wellness visits and vaccines, and also the unexpected things like chronic illness or sudden injury.  

Without insurance, the always rising cost of health care could throw your family right into bankruptcy after an illness or accident. In the US, if you don't have a health insurance policy, not only will you have to pay all the cost out of pocket, you will also have to pay a yearly fine.


The following are things to consider when searching for the best policy.

Consider Total Cost. You want the best coverage you can afford for the most protection. Add up the monthly premium, deductible, co-payment, and co-insurance to determine the real cost.

Know Your Share. Insurance companies are required to state how much you will have to pay out of pocket. These include the amount you pay up front at the time of service called a co-pay, a percentage of the cost you pay called co-insurance, and a deductible which is the amount you must pay first before insurance kicks in.

Decide On Your Must Haves. Under the Affordable Care Act, insurance plans are required to cover the full cost of over two dozen preventive services such as vaccinations and test for high blood pressure and diabetes. If you are starting a family you will want to make sure your policy has the maternity coverage you want. Family history of a certain disease or condition is another reason to make sure it is covered.

Drug Coverage. Medication prices can take a huge bite out of the family finances, so make sure you get this coverage. If you already take prescribed medicine for a chronic condition, check to make sure it is on the plan's formulary. The formulary is a list of covered medications.

Get Help. The variety of insurance plans and coverages available can sometimes be confusing to the point that you just can't seem to make sense of it all. A plan that looks good at first glance gets harder to comprehend as you go along. When this happens, it's probably best to get some help from professionals who know the ins and outs of getting the best policy. They can help you compare policies and may suggest things you haven't thought of.

Find the right coverage for your family at a price you can afford.