When it comes to providing for your loved ones, family health insurance is something you have likely thought through very carefully. The burden of protecting your families’ health and protecting your finances from unexpected medical bills can be lightened by having a family health insurance policy.
Whether it’s just for you and your partner, or you need health insurance for a family of dependents, eHealth has the tools and variety of options that you need in order to find a family health insurance plan. Our brokers are licensed in every state to help you find the right coverage for your needs and budget, all at no extra cost. You can enroll in one of our plans by phone, on our website, or through our live chat, making it easy and convenient to get the best plan for your family. Contact us for more information today.
Although health insurance for families will have different price points based on factors like plan type, level of coverage, number of dependents, and where you live, you can look at the average cost of family plans as a useful reference.
How much is family health insurance?
As with almost all types of health coverage, there are several different costs associated with family plans, including:
- Premiums– Premiums are monthly payments that you make to remain enrolled in your family health insurance plan. The average premium for major medical health insurance plans for families was $1,152 a month in 2020.
- Deductibles– A deductible is the amount of money you must pay out of pocket for healthcare before your insurance kicks in. For example, if your family health insurance plan has a $10,000 deductible, you’ll need to pay all your medical bills until you’ve spent $10,000; your insurance will then cover much of the remaining care you get that year. On average, health insurance plans for families had deductibles of $8,439 in 2020. Average deductibles have also been rising, though not as rapidly as premiums.
- Various costs- There are other costs associated with health insurance plans like copayments, coinsurance, and out-of-pocket maximums. You will want to assess your family’s health care needs to determine how these costs will affect you. If you foresee needing a lot of care, then you may want to opt for a plan with a higher premium, but lower costs elsewhere, like your coinsurance, copayment, and deductible.
While these are average costs, specific pricing will vary based on the plan you choose, the amount of coverage you receive, and the number of people in your family to be insured.
Choosing health Insurance for large families
Choosing health insurance for large families can be more complex and more expensive. The specific price you pay depends heavily on how many people are in your family and what your specific health needs are. Generally, if everyone in your family is in good health, your premiums and deductibles will be lower. This makes it wise to invest in a family health insurance plan that covers preventative care, as that will help you stay healthy and achieve lower prices over the long haul.
If you are considering health insurance for large families, you’re likely to pay more in total, but less per person. You are also likely to pay less if you get your family health insurance plan from your employer, since employer-sponsored health insurance often covers larger numbers of people and faces less risk per person.
What options do I have to reduce the cost of health insurance plans for families?
There are a number of government incentives and other programs that provide or help pay for health insurance plans for families who have trouble affording them. These include:
- ACA Subsidies– The Patient Protection and Affordable Care Act, popularly known as Obamacare, provides tax credits to individuals and families who have trouble purchasing health insurance for themselves. Generally speaking, the lower your income and the more family members you have, the larger a subsidy you’ll qualify for. These benefits immediately go toward the cost of purchasing health insurance plans for families.
- CHIP Plans– The Children’s Health Insurance Program, or CHIP, is a joint Federal-state effort to provide free or inexpensive insurance to families with children. The specific requirements for this program vary from state to state, but, in general, your family will qualify if you make too much money to qualify for Medicaid but your income is below 200% of the poverty line.
- Other Options– Many states have specific programs designed to help cover the cost of health insurance for large families. Between these state programs and the federal ones listed above, you should qualify for at least some assistance if you have health insurance for a family of four and you make less than $98,400 a year.
Alternative health insurance plans for families
If a traditional, major medical family health insurance plan is not what you’re looking for, there are some affordable alternatives that might work better for your family.
One alternative to traditional health insurance plans for families is short term health insurance. Short term plans usually do not have the same level of coverage as major medical plans, and insurance companies can deny short-term coverage based on pre-existing conditions. Although you won’t be receiving the same benefits with short term coverage, you will likely be paying a lot less for your premium, so if affordability is an issue, short term health insurance might be an option for you. Keep in mind that not all states offer options in short-term plans.
Where to Get Started
If you are in the market for health insurance for your family, eHealth offers access to a wide selection of plans. We know that finding the right plan for an affordable price can be tricky, especially if you have a family of four our more. In order to help you weigh all of your options, we offer 24/7 support and licensed brokers in every state to help you find the best plan for your family. To learn more about selecting and paying for quality family health insurance, begin comparing health insurance plans in your state today.