PLEASE NOTE! The Health Insurance Marketplace Open Enrollment period ended February 15th. If you do not have a qualifying life event, you are unable to purchase an Obamacare ACA insurance plan. With that said, Short Term Health Plans have become the primary product in the market, providing insurance coverage until the next open enrollment period. Please consider purchasing a Short Term Health Plan until the next Open Enrollment period. Open Enrollment for 2016 coverage starts November 1, 2015.
Family health insurance is an affordable way to take care of medical expenses for your entire family. Family health insurance plans are a great way to provide general coverage for your entire family without the costs of individual plans for each family member.
There are a variety of family insurance plans available that will help you meet your specific financial and benefit level requirements. Contact us today to get expert advice about which family health insurance option is best for you and your family, or get started by comparing family health insurance quotes right now.
Think Metal When it Comes to Coverage
The Affordable Care Act – more commonly known as Obamacare – has enacted a variety of new family health insurance options. Understanding these changes will help you find the plan that’s right for your family.
There are four main levels of coverage when it comes to health insurance plans: bronze, silver, gold and platinum. Bronze plans are the cheapest policies, but they also mean high out of pocket costs for things like deductibles, copays, and coinsurance. Platinum policies cost the most, but they offer the most coverage.
Bronze pays for an average of 60% of health care expenses, with consumers picking up the rest. Silver pays 70%, gold 80%, and platinum 90%. But keep in mind that different companies offer differing premiums for the same coverage.
Health Savings Accounts May Work for Your Family
If you get one of the health insurance plans that have a higher deductible per year — $2,500 or more per year – you can get a health savings account, where you can put away tax-free money in order to pay for expenses like the deductibles, copays, coinsurance, and other medical expenses. You can put up to $6,550 per year away tax free in order to pay for those costs (this does not include premiums, though.) The maximum amount that you will have to pay each year in out of pocket health care costs is $12,700. In addition, the HSA money can roll over from year to year if you do not spend all of the money. This differs from flexible spending accounts.
For more information about Family Health Insurance, please see our Frequently Asked Questions section. If you want to learn more about how Obamacare has impacted Family Health, please see our educational resource.
We can help you find affordable family health insurance plans that meet your family’s health care needs. Contact us today!