Research suggests that 40 percent of employers no longer provide health insurance to their employees due to rising health costs. Many Americans elect to pay out of their pocket if they suffer a medical emergency, but as a result, they end up paying 150 percent more than what health insurers pay.
Additionally, it appears as if those without health insurance are less likely to receive the highest standard of care when its needed. According to a 2005 study, children without health coverage are at significant risk, since they dont seek medical attention nor do they have prescriptions filled. If you have children, you simply must have family health insurance as opposed to individual plans, as you will see below.
Cost
Essentially, once you have a child, it makes no sense to persist with individual plans. The average individual policy in the United States is almost $200 a month and family policies are a little over $400 a month. Once there are three or more people to cover, a family health plan is the only sensible choice.
The average deductible for individual policies is over $3,300 a year while for families, it is just over $4,200. Therefore, the medical bills for the entire family only need to be $900 more than for one person before the insurance company steps in to cover your medical bills.
It is also possible to receive a premium tax credit that lowers what you pay for your family health insurance; this depends on the size and income of your household. For example, the household income range for a family of four is $23,850 to $95,400 per year. The lower your income, the larger your credit and the cheaper your family health plan will be.
Benefits
Family health insurance plans will have coverage for well-child care and childbirth. Well-child care is critical to the development of kids because it involves a doctor and nurse ensuring your child is growing and developing as expected. Typically, a family can expect to make six well-child care visits in the first 12 months of their babys life, two or three in its second year, and an annual check thereafter. These visits can total hundreds of dollars a year unless you have coverage under a family health care plan.
If you are pregnant or planning a family, maternity coverage is another essential item. Before 2014, only 12 percent of health plans contained maternity coverage, but it became mandatory under the Affordable Care Act. The cost of childbirth in the United States is $30,000 on average, twice what it cost the duchess of Cambridge to give birth in the United Kingdom! If you dont have a family health insurance plan with extensive maternity coverage and are planning to start a family, you will be placing yourself under severe financial strain.
We would advise you to seek out a strong preventative care package for your children with a low amount of copays. These benefits are inexpensive but play a major role in your childs development.
Overall, family health insurance plans are a great investment, and a necessary one when you have children or plan to begin a family sooner rather than later. Individual plans make little sense when there are several people in need of health coverage.
