When considering the cost of a family health insurance plan, there are a few numbers to pay attention to.
The plan’s premium is the monthly bill you must pay to keep your family medical insurance policy.
The deductible is the amount of money you will have to pay “out-of-pocket” on medical expenses before your insurer starts to cover expenses. If you get family health insurance from the federal government’s Health Insurance Marketplace, the maximum deductible is $9,100 for an individual and $18,200 for a family in 2023. Keep in mind that many family plans have a much lower deductible. Like other health insurance costs, the deductible varies by plan.
Copayments and coinsurance are payments you make for medical services after you have paid the deductible.
Family health plans with a high deductible will generally have lower premiums. This may be a good option if your family is healthy and does not need a lot of medical services. With a high deductible family insurance plan, you won’t pay much each month, but your family will still be insured in case anything happens.
If you have family members who need more frequent medical care or prescription medications, the best family health insurance option for you may be a low deductible plan. Although you may have to pay a higher monthly premium, you may end up saving money because insurance will start paying your medical costs sooner.