Family Health Insurance Plans

Written by Jeremy Horelick
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One of the greatest perks of working for a large employer is that your medical insurance coverage often extends to every member of your family. A large corporation is far more likely than a smaller one to have the financial resources needed to bear the health risks of an entire family. Not only is catastrophic insurance taken care of, but so too is regular preventive care such as bi-annual or yearly checkups.

The benefits of family health insurance plans differ significantly depending on your employer's plan manager. Most offer coverage for couples, couples with children, single parents with children, and (in some cases) domestic partners. Needless to say, the cost of enrolling in any of these plans hinges on the number of members you're signing up.

Choices within Your Insurance Plan

Some heads of household are financially able to pay the full cost of indemnity insurance for every member of their family, while others must look to managed care to help reduce costs. Fortunately, family plans exist that allow for both options. Whether you sign up for an HMO, a PPO, or a POS plan, it's critical that you speak with your account rep in advance to discuss the extent of your coverage. Too often it's not until after an accident or a serious illness that a payee learns his or her benefits are limited.

When pricing out potential insurers, it's smart to take advantage of their web-based resources, which include price quote generators. Typically, you'll be asked to enter the number of family members you wish to cover, the monthly premiums you can afford, and basic demographic information such as your age and zip code. The company then crunches this data and furnishes you with an estimate of your monthly costs. If you need to shave a few dollars from the total, a live rep can help you do this over the phone as well as answer any other questions you may have.


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