How to Maximize Family’s Health Insurance Benefits?

How to Maximize Family’s Health Insurance Benefits
How to Maximize Family’s Health Insurance Benefits
Spread the love

The rising lifestyle diseases, poor nutrition, and medical inflation are on the rise nowadays. Thus, it’s no surprise why it’s easy for a medical emergency to turn into a financial emergency in no time. This heightens the importance of having health insurance in every family.

A family health insurance plan comes with a lot of perks. It secures all family members against medical contingencies and enables them to avail of high-quality medical services in any health emergency. Besides acting as a safety net, it’s more cost-effective since it covers all family members under one plan and has a lot of tax benefits.

To maximize these advantages, here are some tips you can follow:

Find the Right Policy

The ideal family health insurance plan must not only provide enough medical coverage for you and your family’s healthcare but also fit your current finances. It should also include services that you or your children may need in the future, such as maternity and dental care.

Consider covering medication conditions that run in your family as well. Check your family’s medical histories, both on your and your spouse’s sides, to know them. If a certain medical condition runs in your family, it can be a sign that you or your family is at increased risk.

When it comes to cost, the most affordable option is through employer-sponsored plans since a big percentage of the premiums and other medical expenses will be covered by the employer.

However, there are many instances when workers have to buy their own health plans. Some companies with less than 50 full-time employees aren’t legally required to offer health insurance, so their workers tend to buy their own policies.

Other employees also need additional coverage, so they usually purchase a secondary plan besides their employer-sponsored benefits. Self-employed individuals and part-time employees, in contrast, are usually responsible for their health insurance.

If you’re one of those workers above, here are some quick tips on  how to get private health insurance by yourself:

  1. Browse plans at Health Insurance Marketplace;
  2. Research about different plans and their coverage;
  3. Choose policies that match your needs and
  4. Compare quotes; and
  5. Pick the policy that meets your medical goals and financial situation.

Understand the Details of A Health Plan

See to it that you understand everything about a health insurance type. For example, research the meaning of PPO insurance, including co-payments, deductibles, network hospitals, and waiting periods. Doing so will effectively help you save more money and ensure that you get the necessary medical services.

Here’s a roundup of the most common types of health insurance:

  1. HMO or Health Maintenance Organization – It’s recommended if you don’t need out-of-network services and don’t travel frequently. Although it’s more restrictive than other plans, it’s the most budget-friendly you can choose.
  2. EPO or Exclusive Provider Organization – It’s recommended you don’t mind a limited provider network for the benefit of paying more affordable insurance premiums.
  3. POS or Point of Service – It’s recommended if you need out-of-network doctors and services.
  4. PPO or Preferred Provider Organization  – It’s recommended if you want flexibility in the in-network and out-of-network healthcare providers you see. It also doesn’t require referrals if you want to see a specialist.
  5. HDHP or High Deductible Health Plan – It’s recommended if you’re a younger, healthier individual who doesn’t expect to get medical care coverage except during serious health emergencies.

In terms of costs, opt for in-network providers because they’re generally more affordable. It also helps to get a plan with a more extensive network to give you more options. This is particularly helpful if you live in a rural community. However, if you have preferences, ensure they’re in the provider directories of the family health plan to save costs.

Plan Surgeries Strategically

If you or a loved one needs a medical procedure, set it at a time when you can maximize your health care coverage. For example, set a big procedure after your deductibles reset to zero every first day (January 1) of the year. In this case, your insurance provider will cover most of the procedures’ costs instead of you paying a big out-of-pocket medical bill.

Take Advantage of Special Programs and Discounts

For families, don’t miss out on family discounts to save more. Make use of premium discounts (usually applicable for longer policy tenure), network discounts (available when you get consultations and treatments within your insurer’s network), and no-claim bonuses. It may vary depending on the insurance provider, so it pays to check it online or consult a representative.

Final Thoughts

If you’re unsure of your and your family’s medical conditions, seeing a doctor first is highly recommended. Once you get a diagnosis, consult an insurance professional for a suitable plan. Then, go back to your doctor and discuss the plan to ensure that everything about your condition will be covered. While it may sound time-consuming, this will help you make informed decisions and avoid paying exorbitant medical fees in the future.