by James Tuck
You may need to purchase a private cheap family health insurance policy if your employer does not offer you one. Finding a health insurance policy for your family can be a very overwhelming prospect. Do you get a cheap policy or a good policy? Is it possible to find a good policy that is inexpensive?
Depending upon your employer, you may be pleasantly surprised at the cost of a health insurance policy. Perhaps you may be overwhelmed when you see the prices and fear that a cheap family health insurance policy doesn’t exist! Keep in mind that costs can vary from company to company. This is why it is so important to compare prices as well as the services offered with each policy.
Cheaper Isn’t Always Better if your budget is tight, you may be tempted to pick the cheapest policy you find and hope that nothing goes wrong. This may or may not be a good idea.
If you have young children in your family, you can expect frequent doctor visits for well care appointments as well as for care during an illness. The cost of these visits can be quite a bit if you are uninsured. For that reason, you may want to see if the policy you are considering covers well baby visits and shots. One shot can cost several hundred dollars in out of pocket expenses.
Older children may also need to visit a doctor frequently, especially if they are in sports. An injury may cost thousands in unpaid medical expenses which could severely impact your budget.Of course, if you have a disabled child or a child with a chronic disease, this will also affect the type of policy that you need.
It is important to remember that cheaper does not always equate with better, especially if a policy does not offer all the services that you need. In fact, a cheaper policy may end up costing you more in the long run than a more expensive policy.
Out Of Pocket Expenses Can Create Problems
Your monthly payment will vary depending upon the number of people insured as well as your deductible. It may be tempting to choose a high deductible in order to get a very low monthly insurance premium rate. However, this may not always be a good idea.Keep in mind that your deductible must be paid before your health insurance benefits are covered.
If you have a $5,000 deductible, you will need to pay that plus your insurance premiums before your insurance coverage will apply. If you and your family are very healthy, this may not be a problem. If you or someone in your family has health problems, you may quickly go over the $5,000 deductible. If you have a mild illness however, you may end up spending several thousand dollars out of pocket. This is especially frustrating at the end of the year as you will never meet your deductible.
Finding Cheap But Good Coverage
To do this, you must first assess your needs. Then, look for a policy which meets your needs. You should find that several different companies are offering similar policies. After this, you should research the insurance company to make sure that it is a reputable company. Finally, compare insurance rates between companies. By doing this, you should be able to find a cheap family health insurance but also a good policy for your family health needs.