Shouldn’t everyone in the family be on the same plan? The answer is: sometimes.
The standard we hear about most often are family plans when it comes to health insurance. However, in many cases families can save thousands of dollars per year by enrolling in individual plans that meet their health needs. This ensures each person in the family gets the coverage they need and no one is supplementing the cost for coverage they don’t need.
It seems logical to get a family plan. It is convenient and provides a nice feeling to know all family members are united and covered under one health plan and premium. Often though, compromises for one or more family members mean higher out-of-pocket expenses and in a worst case scenario not receiving the healthcare necessary/needed.
TRM founder, Judith, recently had the pleasure of working with a family of five to meet their healthcare needs. Both parents are self-employed. Initially, she signed them up for two different health plans, instead of one family plan. When Judith checked in with them a few months later, she reviewed their situation with regard to health, out-of-pocket expenses, and financial exposure. She proposed a change that would save them money and meet their insurance needs more comprehensively by splitting the coverage into different policies. Together, Judith and her clients came to the conclusion that for another family member to get the care needed, while keeping the annual costs at a minimum, a separate plan would be the way to go. This family is now covered by three health plans instead of one, resulting in better coverage for each family member and thousands of dollars saved each year in premiums and out-of-pocket expenses.
“As a licensed health insurance agent, I find great joy in finding the coverage best suited for my clients. There is no “one size fits all” plan. Health coverage should always be based on the needs and budget of the individual and my job is to ensure that. Situations in life change, health-wise, financially, socially and business-wise and so do health insurance needs. A health plan might be good today but not suitable months or a year later, so having someone you trust review your options and make the necessary changes to your health coverage if needed…I love being that someone.” –Judith Richter-Murphy, Founder, Licensed Agent