Wednesday, August 15, 2012

Family health insurance ? What are these? | Modern Dignity - The ...

You must have heard about health insurance, but what is family health insurance? This is not much different than the health insurance policies, in essence. That is, both of these types insure you or may be your family members. The main difference is that, instead of getting personal insurance coverage, the family health policies allow you to include two or more family members within the policy. There are some other differences too, with regards to the two policy types.

Details on family health insurance

The way in which the annual deductible is calculated is the basic difference in between personal health insurance plans and the family plans.? In some cases, the family health plans have
separate deductibles with regards to each of the individual included within the policy. These are also based on the deductible limit of the family.

Let us consider an example. Like, in case a family health insurance plan has $5000 as deductible with regards to each of the individuals of the family who has been included within the policy. In addition, this policy has $10,000 deductible limit, with regards to the whole family. This means that any of the given individual included within the policy must be able to reach $5000 with regards to the covered medical expenses, even before the plan starts to pay. In addition to this, let us consider that the people included with regards to this family are 3. If their individual expenses are considered, let us take that their individual expenses exceed $10,000. So, from this point of time, till the end of that year all of the family members are supposed to meet the deductible amount. However, if considered statistically, it may be seen that it is only one family member who has the major medical expenses with regards to that single year. In such a situation, it is the individual deductible plan which should be recommended in general.

Other than this, there are also the aggregate deductible family plans. This is mainly for the large families, where an aggregate deductible is more preferable in comparison to the individual deducible. So, these plans have only one deductible on an aggregate, with regards to the whole family.

Now, the question is, why do you at all need a family health insurance? As per recent studies, the uninsured people in general have been to pay 2.5 times more than what in general the people

Source: http://www.moderndignity.com/family-health-insurance-what-are-these/

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