When you’re looking for affordable family health insurance, the right choice depends on your family’s unique situation. Health plans for families are generally offered in five basic categories – bronze, silver, gold, platinum and catastrophic. Catastrophic and bronze plans generally have the lowest premiums and higher out-of-pocket costs, while platinum plans usually feature high premiums and low out-of-pocket costs.
The most affordable health insurance for your family depends on how often you use health care and what kind of care you use. Here are some examples for each category –
When Catastrophic Coverage May Be the Affordable Choice for a Family in Wisconsin
|Family||Married Couple, both aged 27|
|Employment||Both are self-employed freelance writers who earn a little too much to qualify for subsidies.|
|Health Status||Both are healthy and active non-smokers who take no prescription medications.|
|Plan Choice||Acatastrophic planmay be the right choice for this family. Because they are under 30, a catastrophic plan is available to them. These plans feature low premiums and high deductibles. Because the couple is healthy and active it may be more likely that they will not need to use health care services often.|
WHEN A BRONZE FAMILY PLAN MAY BE THE MOST AFFORDABLE CHOICE
|Family||Married couple (older than 30 years of age) with two preschool children|
|Employment||Husband works in construction in Platteville with no employer health insurance coverage, spouse is full-time parent; income is low enough to qualify for Advance Premium Tax Credits (APTC).|
|Health Status||Both parents are healthy non-smokers, but both children have allergies and asthma.|
A bronze plan with APTC may be an affordable family health insurance choice. With tax credits, the monthly premiums may be brought down to an affordable rate. Also, the Affordable Care Act requires thatcertain preventive services, such as child immunizations, are provided at no copay. This is beneficial to young families.
WHEN A SILVER PLAN MAY BE THE RIGHT CHOICE
|Family||Married couple in their 30s with three school age kids|
|Employment||One parent works full-time, the other works part-time in rural Rock County – neither has employer health coverage.|
|Health Status||One parent has diabetes, oldest child has ADHD, non-smokers|
Because the family is not covered by an employer health plan and their income is low, this family may be eligible for both the Advance Premium Tax Credit (APTC) and Cost Share Reductions. In other words, the family can purchase a silver level plan for the cost of a bronze plan and also get help covering the cost of the premiums with APTC. Silver plans feature all of the required preventive services as well as lower out-of-pocket costs such as copays, deductibles and coinsurance. The family may also qualify for BadgerCare Plus. They should apply ataccess.wisconsin.govto see if they qualify.
When a Gold Plan May be the Most Affordable Choice
|Family||Two parents in their forties and one teenage child|
|Employment||Both parents are self-employed in Fond du Lac|
|Health Status||One parent is a smoker with hypertension, the other is obese. The child suffers from asthma.|
Because the family earns a comfortable income, APTC and cost-sharing are not available. Due to health issues, this family uses many health care services and would like a plan with low out-of-pocket costs. They would also benefit from a robust wellness program. A gold plan that offers referral-free access to specialists and respected health care facilities might be the most affordable health insurance plan for this family.
When a Platinum Plan May be the Most Affordable Family Health Plan
|Family||Two parents in their late 50s, one teenager and one child under 26 in college|
|Employment||Both parents run a family business with no employees located in Madison.|
|Health Status||Parents both have chronic health issues and the teenager requires rehab after a car accident.|
This family knows that they will require a lot of health care services throughout the year. They are also most comfortable with a plan where their monthly costs remain fairly static. They need a network that features the doctors and specialists they require for the family’s various health issues. Although the monthly premium is high, the costs for using health care and prescriptions have low copays and the deductible is low. They know they will need on-going care, and in this case, a platinum plan may be the most affordable family health insurance option.
Unity can help you find the plan that fits your needs, whatever your age and health status. Browse our plans and get a quote, or give our helpful and knowledgeable customer service specialists a call at 608.644.3430.