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What Is a Cigna Family Health Insurance Plan?

Getting a health insurance plan for the family can be tedious, however, the process is more or less the same as getting a health insurance plan for an individual. To better understand the family health insurance coverage, think of it as an individual plan, only with dependents added to the policy.

What is the Cost of a Family Health Insurance Plan?

When shopping for a health insurance plan, there are different costs to consider that include:

• Deductibles: Deductibles is the amount you are required to pay from your pocket before the health insurance takes over the payments. When getting coverage, this amount is set by the buyer of the insurance and is dependent on the amount in premiums one pays. The higher the premiums, the lower the deductibles. Once this amount has been reached, the family health insurance now takes over the payments.

There are two types of deductibles available on the Cigna family health insurance plan- Individual and family. One has to reach either the family or individual deductible before the health insurer can start to cover you.

In 2018, the family health insurance, on average, had a deductible cost of $8,232

•  Premiums: These are the payments you make once a month to stay on the family health insurance coverage. The average premiums for a family plan were $1,168 in 2018
• Copayment– This is a fixed amount of money you pay for a covered service that is effective before or after you have hit your maximum deductible mark.
• Coinsurance is a percentage you pay for covered services after you have reached your deductible until you’ve attained your out-of-pocket maximum.
• Other different costs: When looking for family health insurance coverage, it is important to look at these other costs such as the out-of-pocket maximums, copayment, and coinsurance
•  Once you’ve reached the limit for out-of-pocket payments, your insurance pays 100% of the amount needed for the rest of the year

What Should I Consider When Buying a Coverage for My Family?

When shopping for a Cigna family health insurance plan, there are more factors to consider than when getting an individual plan.

A plan with a high deductible and low premiums may seem appealing but you need to put in mind that the insurance coverage you are shopping for will cover your kids, among other dependents. When getting an insurance cover involving children, you may want to get one with lower deductibles and higher monthly premiums. This is because it covers several people’s healthcare under one plan.

If the policy covers more than 4 people, your insurance will be costlier, but you may end up paying less per person. If your family is in good health, you may also end up paying less. In such cases, it is best to get an insurance policy that covers preventive care as the expenses will be lower. If your employer is covering your insurance, you are likely to pay less.

Family insurance coverage may seem expensive, but it comes in handy when one is in a medical emergency and could impact your finances if you are not covered by a policy. Getting a family health insurance plan is a good fall-back plan to ensure that in the case of a medical situation, you and your family are protected.

What If I Cannot Afford Family Insurance Coverage?

If you are unable to afford family coverage, you can consider some programs and incentives that help to keep you and your family covered.

• If you are looking for quick or short-term coverage, there are available short-term health insurance plans. While these plans may not give you the same coverage as the major medical plans will, it is a good low cost and fast alternative
• CHIP Plans: The Children’s Health Insurance Program, also called CHIP, is a federal-state collaborative effort that offers inexpensive or free health insurance to families with children. To qualify for CHIP Plans, you will need to have an income of 200 below the poverty line, though the requirements differ with states.
• ACA Subsidies: The Patient Protection and Affordable Care Act, also called Obamacare, offers tax credits for people that cannot afford health insurance. This is to mean that if you have a low income, with a large family, the more tax credit you are eligible for.

What Is The Best Family Health Insurance Plan To Go For?

Health Insurance Plans provide access to a variety of health insurance plans for families. Take a look at family health insurance plans today to find what plan is right for you.

References and Resources

• Children’s Health Insurance Program
• Deductibles