The Best Health Insurance Options For Your Family

A wide range of health insurance plans is available from which to choose the best options for your family. However, deciding on the best insurance plans for your family will depend on a number of factors. These include the health of your family members, your employment situation, your current phase in life and the types of medical insurance choices that are available to you.

There are three main health insurance options for your family, all of which have advantages and disadvantages. These are:

Employer Provided Insurance

This is the most popular choice that involves an employer sponsored group health program, which offers an array of plans. The employee might select from a number of rate or premium combinations, including employee and spouse, employee and children or employee and family.

Some of the benefits of this plan include payment in part or full by the employer and enrollment is convenient, simple, easy and guaranteed for employees and their dependents. Some shortcomings involve losing insurance benefits if you leave the job or are terminated, restricted choices based on what your employer provides and lack of control over plan changes.

Private Individual Health Plans

Another popular option for families is offered by insurance companies on a state basis. The primary insured or subscriber selects a plan from the many rate combinations that are offered. With the private individual plans, you have a wider range of choices to meet your needs and greater control in selecting health options that work best for your family. The insurance is permanent and can only be cancelled under certain conditions and you may have separate policies for family members. However, some disadvantages of the plan include strict eligibility requirements; some family members may perhaps not be approved; drawn-out enrollment process; coverage is not guaranteed in all states and lack of portability to another state.

State Funded Family Health insurance coverage

Two programs that provide state sponsored health insurance are Medicaid and the State Children’s Medical health insurance Program (SCHIP). To qualify, there are strict income requirements and only specific groups of individuals, including children, the disabled and pregnant women may perhaps be eligible for the insurance. However, not all states may perhaps participate in this insurance plan. If family members are high risk, they may apply for state high-risk pool coverage, which aren't subsidized and are usually expensive.