Finding coverage for the whole family is no walk in the park. When you compare family health insurance plans using their monthly premiums, you’re only looking at half of the health insurance picture. That’s why it’s important to learn about the expenses you have to cover on your own when shopping for health care.
But not all health insurance plans are equal, and some plans can cost a lot more than other plans due to premiums and deductibles.
What It Means to Pay a High or Low Deductible
Before we begin, let's make sure we understand what deductibles are. Health insurance deductibles are the amount of money you have to pay for your health care before your insurance provider begins covering you.
When you sign up for family health insurance, you'll have the option to choose from a high- or low-deductible plan.
High-deductible plans, also known as consumer-directed plans, have deductibles where you are responsible for a large amount of your health costs while paying low monthly premiums.
These plans are typically ideal for families that are generally healthy and for those without young children. Since preventative care is covered with every health care plan, a few visits to the doctor per year won't affect a healthy family’s budget. Because you will pay low monthly premiums, you can expect to pay high deductible costs when you go for a doctor’s appointment or visit the hospital.
Low-deductible plans have lower deductibles and higher premiums. This plan is ideal for families that anticipate seeking medical care frequently, especially for family members with chronic conditions or disabilities. Families with young children can also benefit from this plan, especially if they are frequently ill or play sports.
Regardless of which plan you take, it won’t affect the quality and amount of care you receive. There's a considerable amount of reflection that you and your family must do to know whether one plan will benefit your family and your budget over another. For some families, it's a no-brainer. For others, more help is needed.
HealthMarkets Insurance Agency can make it easy to find the perfect family health insurance plan for each member of your home. We can help you figure out your health insurance needs and find a policy that's affordable for you.
Our licensed representatives are ready to help whenever you are. Give us a call today at (800) 360-1402.