Broker Check
Getting the Best Health Insurance for Your Family

Getting the Best Health Insurance for Your Family

September 01, 2023

Having health insurance is important for protecting your family since it can assist in paying for preventative care, emergencies, and other medical expenses.

However, knowing how to make the best choice isn’t always easy, especially with all the different variables to consider. Consult this list of common terms to help you pick a plan that will meet your family’s needs.

Premiums: These are the fees that you’ll pay to carry your health insurance (unless you’re lucky enough to have an employer who’ll pay them for you.) Be sure to compare the premiums for the various insurers and plans you’re considering and select the one that best fits your budget. You can also adjust your coverage where possible to lower this amount as needed.

Co-payment: This is the fee you’ll be expected to pay out of pocket for your medical visits, prescriptions, and other medical services. Check the co-pays for every plan you’re considering; they can vary widely by type of service and plan.

Deductible: Determine how much you’d feel capable paying for your medical care before your insurance begins to cover it. The amount you choose for your deductible will either raise or lower your premium. If your family normally has low medical expenses, you might benefit from a plan with a higher deductible but more affordable premiums. But if your family has frequent medical needs, you might look for a lower deductible so more of those expenses are likely to be covered by your insurer. Some plans may include deductibles for each individual and one for the entire family, so keep this in mind when selecting your plan.

Out-of-pocket maximums: Some insurers may limit what you have to pay toward your health expenses over a plan year. What you pay toward your co-pays, deductibles, and coinsurance (a percentage of your health costs you may be expected to pay after you’ve reached your deductible) may be included in the maximum limits. Check if the plans you’re considering have a maximum and what the dollar amount is—it may help you save money.

Plan coverage: Also investigate whether the choices available to you cover your current doctors and prescriptions. Plans typically have a select list of doctors within their network they’ll pay for you to see; out-of-network providers may mean a higher cost for you.  Also, some insurers may limit their coverage for brand-name medications or may only fully cover generic drugs for certain prescriptions instead.

Type of plan: There are different types of health insurance plans, such as health maintenance organizations (HMOs), preferred provider organizations (PPOs), exclusive provider organizations (EPOs), and point-of-service (POS) plans. Each has different advantages and disadvantages. For instance, HMOs may give you lower monthly premiums but less choice when it comes to picking your health care providers, while PPOs and EPOS may offer you more flexibility but higher out-of-pocket costs. And a POS plan may blend some of the features of an HMO and a PPO plan.

If you’re eligible to receive health insurance through your employer, contact human resources to get information on what’s available to you. (You may have to wait until your company’s open enrollment period to join.) If you’ll be purchasing your health insurance independently, check or your state’s health insurance marketplace to see what’s available. Additionally, you may qualify for Medicaid, which offers low-cost health coverage.

If you need assistance in selecting a health care plan for your family, consider consulting with an insurance agent.


Important Disclosures:

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

This article was prepared by ReminderMedia.

LPL Tracking #1-05374815