No two families are exactly alike. Here's how to pick a health insurance plan that fits.
No one-size-fits-all option exists for family health plans either. The medical needs of your family—now and in the future—are unique. There’s a lot to factor in, including the number of family members you want to enroll, any future plans for children, your specific care needs, and your budget.
Knowing how to pick an insurance plan that works for your family can go a long way toward creating peace of mind in the health care process. Here are some things to consider during your care search.
Key Things to Consider
The Ages & Composition of Your Family Members
Your childrens’ ages can have a big impact on your health care choices. As new parents know, infants and toddlers go to the doctor on a regular basis. Checkups, immunizations, sniffles, sneezes, bumps, lumps, and random thumps can all mean a trip to see the pediatrician.
Children under seven are still developing their immune systems. As kids get exposed to new bugs and bacteria, sick days can be common. And daycare germs are no joke! Routine doctor visits are common for young children.
As kids grow up, the frequency of their appointments typically goes down. But their medical needs will evolve as school sports kick off, and puberty kicks in. Adolescents experience rapid physiological development and plenty of emotional changes during their teenage years, and parents need to be mindful of a new set of health-related needs.
Diet and exercise become all the more important. A mental health crisis challenge is affecting teenagers in the wake of the pandemic years. Nothing really prepares a parent for that first soccer sprain or broken wrist—but having the right health care can help get you through that challenging emotional time.
The overall health of your family is another factor to consider. A family that is generally healthy and rarely goes to the doctor will likely need a different type of insurance than a family that has one or more members with complex medical needs.
The number of children you have, their ages, their physicality level, and lifestyles will all impact which medical plan option is best for your family.
Your Plans for the Future
It’s not just your current family status that you have to consider when picking your health plan. If you’re planning on adding a child to your family mix in the future, your health plan needs will grow and change, too. The quality of pre- and post-natal care will be crucial. So too will be your choices for pediatric care. You’ll want to consider things like which hospitals are included in your network, and what type of well baby care schedule you want to follow.
If you or your family members know about upcoming medical care needs or procedures, that’s a factor for your healthcare planning, too.
Equally important, consider your financial plans for the future as you look for a family insurance plan. The plan you choose can impact your financial situation now and going forward.
Do your research on types of plans that work for you and your family. For example, a health savings account (HSA) allows you to put money in a medical savings account each month that you can use for future medical costs.
You don’t need to use your HSA savings in a specific plan year either—you can save up for a few years before accessing your funds.
Your Current Financial Situation
There are costs to consider when picking your health plan.You need to consider your budget and decide how you want to allocate your health care spending.
Look carefully at the monthly premiums and deductibles for each plan type. Perhaps you want to pay a lower monthly premium. If so, you’ll be responsible for paying a higher deductible in your plan year. If you know family members will have specialist care needs in the year ahead, a higher monthly premium that keeps your deductible down might be the way to go.
Think through your specific situation to determine which family health plan meets your needs and fits within your budget.
A proper medical care plan protects you financially. A catastrophic medical event—such as emergency surgery, a stay in the ICU, or treatment for a serious illness—can leave you with medical bills in the hundreds of thousands if you are not properly prepared.
The right type of family medical health plan will protect you from getting into a position where you have more medical bills than you can comfortably pay.
The Available Options
The types of health care plans that are available to you will impact your choice.
If you are looking for health care plans on the open market because you are self-employed or do not have a good option at work, you have choices. Depending on your preferences and family situation, major medical insurance or a healthshare program might work best for you.
Consider the factors outlined above as you look through the available options. It will take a little time and research to find family health insurance that meets the needs of your family. The proper type of insurance will help protect your health and finances in the long run.
You can start your research with Clearwater Benefits to learn about the different plans that are available and determine which one is right for your family. If you’d like to connect with an agent to discuss options, schedule a presentation today.
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