If your family members are dependent on your income, then it is your responsibility to insure the health of your near and dear ones. There are several insurance plans that offer health coverage to your family members at an affordable rate. However, you need to shop around and get quotes from several family health insurance companies in order to choose health coverage that suits your budget along with satisfying your family’s specific health care needs.

Family health coverage – What it means

As the name suggests, family health insurance covers the health care needs of each of your family members. A plan can cover you and your spouse that is commonly referred to as ‘subscriber and spouse’ coverage. You can also purchase a health insurance policy that offers coverage to you, your spouse and your children. However, the premium you need to pay may vary according to the persons covered under the family health insurance policy.

You can insure your dependents through an employer-sponsored health insurance plan. However, it may not be always a cost-effective option to purchase health coverage.

Types of managed care plans

There are several family health insurance companies that offer managed care plans, which are ideal for purchasing affordable health coverage. 3 types of managed care plans are discussed below.

1. Health Maintenance Organization (HMO) – HMO plans already have a network of doctors, hospitals, specialists, along with other health care professionals that you can select for your health care needs. You need to choose a primary care physician from the HMO network and if required, he/she may refer you (or your family members) to a specialist.

2. Preferred Provider Organization (PPO) – These plans are somewhat similar to HMOs, only difference being that PPO allows you to visit a specialist even without the referral of your primary doctor. You can also choose a doctor outside the network though you’ll have to pay a relatively higher cost for it.

3. Points of Service (POS) – POS plans are actually a combination of PPOs and HMOs. You need your primary doctor’s referral to visit a specialist; however, you can choose a specialist both within or outside the specific POS plan’s network. You may have to pay a certain co-insurance for choosing a doctor outside the network, as provided by your insurance company.

Apart from above, you can also purchase a HSA (Health Savings Accounts) plan if you’re searching for affordable family health insurance coverage. You need to pay a comparatively lesser premium if you go for HSA plans. These plans are tax-exempt and ideal for minor out-of-pocket health expenses.

The family health insurance companies may allow you to add your family members in your health insurance policy, that is, under your individual health coverage. You can consider this option if your family members need insurance coverage for emergency as well as routine health care facilities. It is one of the best options to purchase an affordable policy if the health care needs of all your family members are basically the same