Family insurance plans can take a good chunk out of your monthly budget. That’s why it’s important to consider all of the options. Here are some ideas to help you find a quality plan at a low price.
Look at Multiple Companies
Prices vary a whole bunch on family insurance plans. Each company has their own rating system, so depending on your family size and your specific situation, one company may have outrageous rates, while another company may have very affordable rates for the same type of plan. Before you decide on a company, check a few out and compare the rates and coverage.
Consider Catastrophic Coverage
Catastrophic coverage is a great low cost option for families that are relatively healthy and don’t utilize their plan much. If that’s the case with your family, it’s worth exploring. The rates are really low because the health insurance company is mainly taking on catastrophic medical expenses, and they don’t have to worry about everyday claims.
Don’t Overdo It on Benefits
Make sure that you only choose the extra benefits your family needs. There are accident riders, dental plans, life insurance, and a whole lot of “optional” benefits health insurance companies let you add on to your plan. Treat health insurance policies as health insurance only. If you want life insurance, dental insurance, or accident insurance, do it separately. This way, your dental, life, and accident insurance premiums won’t add dollars to your annual rate increases each year. In other words, if your premium is higher because you have all the extras, when your rate goes up 12% next year, the rate increase will be calculated on your health, dental, life, and accident premium, as opposed to only your health premium.
Get free tips on how to find affordable family health insurance by visiting my family insurance plans page.
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