Health Plan
Shopping For a Family Health Plan
By Charles CrawleyOur health is so important. It facilitates our ability to function optimally in the world. And as your family grows, you are likely concerned with making sure that they are all covered with affordable health insurance. There are some similarities between individual and family health insurance plans. As you begin to familiarize yourself with the process of obtaining an insurance plan, you will be sure to make the best selection for your entire family's needs.
As you begin to shop for a family health plan, take the following into consideration:
- Which type of health insurance are you searching for? Most families are searching for either a PPO (Preferred Provider Organization) or an HMO (Health Maintenance Organization) when shopping for a family health plan. Each of these plans offer different benefits, coverage amounts and price tags. Be sure to consider your family's needs, your current physician choices and your budget when deciding which type of plan is best for your family's health needs.
- Which health insurance features are the most important for your family? Do you want a large or a small deductible? Do you prefer a physician or prescription copayment or would you prefer to have the entire amount covered? Do you want to have the option to select out of network providers? Do you require prescription coverage? What coinsurance amount are you comfortable with? Coinsurance refers to the shared percentage between the insured and the health insurance company when it comes to certain medical expenses. For example, 80/20 coinsurance means that the carrier will cover 80% of the total costs of the procedure or procedures and the insured party will be required to cover the other 20%. Take time to think through these important health questions before you begin to shop for a family health plan.
- What coverage amounts are you searching for? Are you concerned with ongoing medical issues and expenses or are you primarily concerned with major medical expenses? What lifetime maximum amount are you comfortable with? The lifetime maximum refers to the amount per insured person that the health insurance company will cover over their lifetime. Once this amount is met, the insurance company will no longer cover any claims. What annual deductible amount can you afford to pay? Most professionals will advise you to select the highest deductible amount that you can afford as it will help to drive down your annual health insurance premium amounts.
Once you have reviewed your own personal answers to these questions, you are ready to shop for coverage. Be sure that you compare prices between 3-5 companies before making your selection. Once you have determined which health insurance company you would like to move forward with, there is typically an application process. Most health insurance companies will require you to complete a medical questionnaire as well as a physical so that they can make a decision about whether they will offer your family medical coverage or not.
Charles Crawley writes articles for many websites covering several subject areas including health insurance quotes and family health insurance [http://whataquote.com/pages/familyinsurance.html].
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