Affording health insurance for your entire family isn’t always easy, but it is necessary. As much as we hate to imagine anything happening to our partners and kids, things happen. There’s no way to know what’ll happen tomorrow. The best thing we can do is to prepare today.
If you have kids, you know they can be unpredictable. They’re not only more likely to get sick than adults, but they’re also more likely to suffer from random injuries. Whether they fall off the jungle gym or get hurt during softball, you need to be ready for anything. That means you need the best health insurance.
In the United States, having health insurance is essential. The cost of care if your family does need medical treatment can be devastating. In fact, over a million families have declared bankruptcy because of medical costs. How do you find the best health insurance for your family and your budget? In this guide, we’ll explore the best health insurance options available depending on your situation so you can stay protected.
Check for Government Options
Your first line of dense aside from employer-sponsored health insurance is the government. There are federal and state funded programs that offer programs specifically for families, children included. There are many public, low-cost (or free) programs available for children on the Healthcare Marketplace.
However, make sure you’re aware of the open enrollment period. You can only buy insurance from the Healthcare Marketplace during the open enrollment period. This takes place every year between November and February. If you miss this period or you’re not eligible, you’ll need to go through a private insurer. Compare health insurance options to find what’s best for you and your family.
How to Choose the Best Plan
How do you choose a plan once you’ve found the options available to you? There are a lot of factors to consider that can be confusing if you’re not familiar with insurance. For the most part, plans will be divided between levels of coverage. The least coverage is found with what’s known as catastrophic insurance, these are plans that protect healthy people in the case of an extreme injury or illness.
On the other hand of the spectrum, platinum plans are the highest level of coverage. They have higher monthly premiums, but you’ll pay the least for office visits and other expenses. Platinum plans usually cover over 90% of health care costs.
Because you can’t predict the future, you’ll have to base your decision on your healthcare needs of the past. If you or your family have been prone to illness and injuries in the past, you shouldn’t go with a low-coverage plan that could cost you more. At the end of the day, it’s better to be safe than sorry.
Remember Supplemental Insurance
Next, don’t forget about supplemental insurance. Traditional health insurance doesn’t offer coverage for things like dental and vision insurance for adults. These can be costly expenses if you’re uninsured, so always make sure to review your supplement insurance options for your family as well.
Things like dental, vision, disability, and catastrophic illness coverage can be a lifesaver. Again, it’s all about planning for the future. Supplemental insurance is easily overlooked, but it should be a priority.
Options for Saving Towards Your Health
Finally, it’s always smart to save towards your health. Even with traditional health insurance, whether you go through the government or a private insurance provider, you’ll need to pay a percentage of the costs yourself. There are limits to every health plan. That’s why saving towards your own health is a smart decision.
The best way to save is with a Health Savings Account (HSA). An HSA is a tax-deductible savings account that’s intended to be used for your medical expenses. What you use it for is up to you, and it’s a flexible way to ensure your family is ready for anything.
Is Your Family Covered?
How protected is your family against a health problem? In a perfect world, you would never have to be stressed about your health insurance coverage. Unfortunately, until there’s a major policy change, this is still a stress for the majority of Americans.
The good news is it doesn’t have to be complicated to find the best option for your family. As long as you’re proactive and consider your needs as a family, you’ll be ready for anything.