Have you ever taken pause to question whether it really makes sense to group the entirety of your family on one health insurance policy? For some, consolidating all family members onto a single policy makes sense as it is convenient and affordable. However, there are some key considerations to ponder when determining if grouping everyone on one policy is optimal.
A Single Insurance Plan for All Family Members
The advantages of adding all family members to one policy are clear: streamlining coverage, potentially significant discounts and convenience. Moreover, most children added to parents’ insurance policies can be covered until they turn 26, and in some cases beyond. Add in the fact that out-of-pocket costs decline with everyone on the same plan and there is even more reason to consolidate.
Consolidation of health insurance that groups a family together also allows for a single deductible much of the time. This means when that deductible is met, the ensuing coverage is applicable to all members. Such an approach is beneficial if one family member has exorbitantly high medical costs.
It is also advantageous to have every family member access their favorite medical specialists, doctors and care facilities. Such unification of medical care provides invaluable peace of mind.
Why Having Everyone on the Same Plan Might Backfire
In the spirit of fairness, it is worth mentioning that consolidating family members onto a single health insurance plan might present challenges. Those selecting a single plan for a full family might find there are plan limitations, meaning coverage might not sufficiently cover the entirety of care needs. Moreover, each unique family member might not benefit from the one size fits all approach to insurance.
The bottom line is most people in Houston, TX have unique care needs, some of which is highly specialized care for nuanced health conditions. As a result, individualized plans are sometimes more efficient and affordable than a comprehensive family plan.
Modern Risk Management Is on Your Side
Are you in the market for insurance? If you live in the greater Houston, TX area, consider Modern Risk Management. You can reach us for more information about our affordable insurance including a customized quote by calling today.
