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How to Find Affordable Family Health Insurance
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Rising health costs have become an increasing financial burden for most families. In fact, more than 50% of individual bankruptcies in the United States are caused by medical bills.
More families are seeking affordable health insurance. However, keep in mind that not all affordable family health insurance plans are created equal. It is important to carefully evaluate the health insurance plan to ensure that it is in your best interest – both in terms of finances and health.
Comparing quotes from different health insurance providers, which can easily be done through eHealthInsurance, will help you find the best affordable family health insurance.
Your options for affordable family health insurance
In the United States, the most prevalent type of health insurance is “managed care.” Within managed care, there are several different types of plans, all with their own restrictions and benefits.
Fee-for-Service plan: In this type of affordable family health insurance plan, you have the freedom of choosing what doctor and hospital you wish to see – and there are no regional “network” restrictions. You must pay a monthly premium, as well as meet an annual deductible, before your insurance company will pay for your hospital and doctors bills. However, keep in mind that the insurance company will only pay a percentage of your medical expenses, while you must pay your portion of the co-insurance – and not all medical procedures are covered. In addition, you must manage and submit your medical cost forms, as well as keep track of all your medical expenses.
Health Maintenance Organization (HMO): A very common type of affordable family health insurance, HMOs provide you with comprehensive medical care, while you are responsible for a monthly premium. Your medical costs are more predictable in a HMO than a fee-for-service plan, as you pay a pre-set co-payment for each visit, such as $5 or $25. However, you must visit doctors and hospitals within the HMO network. You typically can choose only one doctor, and if you need to see a specialist, your primary doctor must recommend the visitation first. Unlike the fee-for-service plan, you do not have to manage any medical billing or forms, as the HMO takes care of these administration elements.
Preferred Provider Organization (PPO): The PPO is an affordable family health insurance plan that combines elements of the HMO and fee-for-service plans. Although you still must visit doctors within the PPO network, you are free to choose from the doctors and hospitals in this list – and you are not restricted to a primary physician. The PPO manages all of the administration and billing forms, and you are typically responsible for the co-payment, as well as the deductible and co-insurance for some medical services. Similar to a HMO, the PPO offers comprehensive and preventative coverage for health care.
Comparing the important elements of affordable family health insurance
The first step to finding the best health insurance for your family is to compare a wide variety of plans. You can find not only the best price, but also the optimal coverage for you and your family’s medical needs. Comparing affordable family health insurance plans can be easily and quickly done for free at powerful consumer websites such as eHealthInsurance.
When you are comparing your affordable family health insurance options, it is important to ensure that you have coverage in critical elements:
Hospital coverage – It is important that your affordable family health insurance will cover your hospital costs, including incidental services, room, and board.
Surgery coverage – Your insurance plan should cover the surgeon’s expenses and related costs for surgeries.
Doctor’s coverage – Your health plan should cover your visits to your doctor, as well as your doctor’s visits to the hospital.
Beyond these three critical elements, your health insurance may also have additional options in the plan, such as:
Prescriptions (generic and/or designer)
Maternity care
Vision coverage
Dental coverage
Mental health coverage
Preventative care
Once you have ascertained which medical benefits are important to you, and whether they are covered under the affordable family health insurance plan you are reviewing, you must evaluate the financial details. Your insurance plan may require you to be financially responsible for several expenses:
Premium – This is your monthly or quarterly cost for health insurance.
Co-payment – Your “co-pay” is how much you will pay each time you visit your doctor, and this is common with HMOs and most PPOs.
Deductible – For most insurance companies, you must pay a certain amount annually for your medical expenses before your coverage begins.
Coinsurance – This amount is how much you must contribute towards your medical expenses, and it is typically calculated by percentages.
Determining which insurance plan is best for your family
The advent of the internet has truly changed the health insurance industry to favor the consumer. Now, with easy consumer sites, such as eHealthInsurance, you can quickly compare apples to apples – understanding what coverage you are obtaining and finding the best quote for your family. By forcing health insurance companies to compete against each other, you walk away with the best, most affordable family health insurance plan.
When you are making your final decisions regarding your family’s health insurance plan, it is important to ask several questions:
How does the plan’s premiums, co-pays, co-insurance, and deductibles compare against others?
Do you have the freedom to choose your doctors, specialists, and surgeons? Or, will you have to go to a primary doctor and obtain referrals to visit other medical specialists?
Does the insurance plan provide coverage for your family’s health needs, such as maternity, vision, and dental?
Can you continue to visit your current doctors with the new insurance plan?
Do the doctors in the network, if applicable, have a good reputation?
Are your pre-existing medical conditions covered? If they are, then how long is your waiting period before you can obtain treatment?
Beginning your search for quality, affordable family health insurance is easy with eHealthInsurance. In the long run, you can rest assured that your family has the best health care at the lowest possible rates.
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