For some reasons, having a health insurance is an important thing to do. The cost of health care can be expensive and you can’t predict when you have to see a doctor. Therefore, anticipating it by having a health insurance can be a good way to deal with the healthcare expenses. A health insurance is owned by an individual. However, you can also cover a health insurance for all family members. In United States, family health insurance costs become a major issue as it is claimed to be really expensive for some parties.
A health insurance comes in various plans and levels. Each of them has a different amount of costs to be paid regularly. In choosing a health insurance plan, there are some things to be considered. Some of them include your annual income, your household, your life status, and other information, such as your recent personal health condition. After looking at your information, the insurance company will suggest plans which match your needs.
General Facts about Family Health Insurance Costs
1. Four levels of health insurance
Basically, family health insurance costs are divided into four levels as well as the individual one. They are platinum, gold, silver, and bronze. Bronze is the highest level and platinum is the lowest one. The differences among these levels are on how much cost-sharing you need to pay. According to these levels, the bronze one has the highest cost-sharing which means that you need to spend more money when having a health care. The level that you should choose depends on your income and frequency in having health care. Before applying for it, you can have a consultation first.
Each level of health insurances covers ten benefits. They include lab tests, hospitalization, pregnancy care, emergency care, outpatient care, mental health, preventive service, prescription drugs, dental-vision care, and rehabilitation service. For the pregnancy care, it also includes the new-born baby care. For the outpatient care, the chronic disease is also included in the coverage. To add up, the coverage for each benefit can be different for each level of health insurances.
As stated previously, family health insurance costs differently for each level. The different costs are also decided by the insurance company. Each company also provides a different number of levels. For example, Blue Cross and Blue Shield of Illinois provide only three levels which are bronze, silver, and gold. For the bronze plan, they will pay for 60% of the total costs for each health care while you only pay for 40% of it. For the silver plan, they will pay for 70% of it while you only pay for 30% of it. In the last level or gold plan, you only pay for 20% of it while they will pay for 80% of it. Each level influences some aspects, including the choice of doctors.
2. The changing of health insurance plan
A plan for family health insurance costs can be changed every year. You can have your health insurance application in the provided time. Usually, it is from November to December. The deadline is different for different states. For example, a health insurance in 2018 can be applied on November 1st to January 31st for those who live in California. If you don’t apply for it in that time, you will have no health insurance for the next one year. You only can apply it next year.
Is health insurance a must? The answer is yes. Even though family health insurance costs can be expensive, it is still recommended for you to apply for it since there is a law underlying this topic. There is a penalty given to you if you don’t have a health insurance. In 2017, an adult has to pay $695 or 2.5% of his/her income for the penalty. However, for a child without coverage, the maximum amount is $347,50. In 2018, the penalty remains the same percentage of incomes. Based on this consideration, it is better to have a health insurance.
The Importance of Family Health Insurance
Even though the period for health insurance application is decided by states, there is also a special qualifying life event which allows you to change your family health insurance costs at any time. They include having a new baby or getting married. Therefore, a new married couple can change their health insurance without waiting for the next enrolment period next year. The same thing is applied for those who have a new-born baby.
The average health insurance cost for married couple can be different based on what level they choose. If previously a new married couple has their own individual health insurance, they can combine their health insurances into one. However, it is not a must thing to do. They can decide whether they want to combine it or not. The decision depends on them. There are several considerations which should be noticed by the couple, for example, their healthcare needs.
Will combining two health insurances into one make the cost cheaper? The answer is not always. As stated previously, family health insurance costs for a married couple are decided by the couple based on their needs. If the spouse has a job which covers a health insurance, it is better to combine the two into one. If one of them highly needs a regular health care which may cost a lot, it is better to keep them in their individual health insurances. In conclusion, they have to calculate their health care needs before making a new family health insurance.
Those are some facts about family health insurance costs in 2018 in all states of United States. You can skip this insurance if you are sure that you don’t need any health care for a year, which is impossible. Having one is an essential thing to do in order to minimize spending on unexpected health care. If you are not sure of what level to choose, you can consult it to the right party. Just do it online through healthcare.gov. There, you can plan health care by considering your needs.