Family Health Plan

What you should know about Family Health Plan

As with all insurance policies, there are a few different kinds of costs to consider while shopping:

• Premiums: Premiums are the monthly payments you make in order to stay enrolled in your family plan.
• Deductibles: Your deductible is the amount of money you have to pay out-of-pocket before your health insurance takes over payment. After you’ve reached this amount of money, your family health insurance will pay for any other health care you receive that year.
• Other various costs: There are a few other costs – like copayments (copay), coinsurance, and out-of-pocket maximums – associated with family coverage that you need to consider when looking for a policy. A copayment is a fixed amount of money you pay for a covered service which either come into effect before or after you’ve reached your deductible. Coinsurance is a percentage you pay for covered services after you’ve reached your deductible until you’ve reached your out-of-pocket maximum. After you hit your out-of-pocket limit, your family health insurance will pay for 100% of the cost of your covered benefits for the rest of the year.

One of the good benefit insuring your family is that, in case of hospitalization, the insured family member can avail cashless treatment in a network hospital of the insurer just like in individual health plans. In this way, you can get all your family members eligible to get medical attention without compromising on their treatment.