It depends. In some cases, family plans can be a great way to get insurance coverage for an entire family at a lower cost than individual plans. However, it’s important to do the math and compare the costs of an individual plan and a family plan before making a decision.
Here are some tips for understanding family plans:
• Family plans are typically cheaper than individual plans because you’re buying collectively for a larger group.
• Family plans usually include all of the insured family members’ health coverage in the same plan.
• Family members can have different coverage levels and levels of cost sharing, depending on the plan.
• Premiums are usually lower if there are more family members covered on the plan.
• Some family plans include added benefits such as free preventive care and shared resources within the same plan.
• Make sure to compare the plan costs, both premiums and out-of-pocket costs, to the cost of individual plans before making a decision.
It’s important to look at all of the options, compare their costs, and determine what works best for your family’s budget and needs. You can visit www.healthcare.gov for more details on family and individual health plans.
