Having a family is a big responsibility. The health and security of your loved ones should be your top priority. It’s necessary to ensure that you and your family receive the best coverage at an affordable price. But, how much is health insurance for different family sizes? What are the things you need to know?
We understand the difficulties of finding the right health insurance. Considering all the costs and different coverage options can be quite stressful. Choosing the appropriate coverage is an important decision.
Health Plans of NC offers a wide range of health plans so you and your loved ones can find the coverage you deserve. We encourage you to learn more about the average cost of family health plans and how you can afford the best health plan available. Our experienced team of agents can give you the knowledge you need to feel confident in the insurance company, and coverage, you choose.
Understanding Family Health Insurance and Why Family Size Matters
Family health insurance covers your entire family rather than just one individual. Just like an individual health plan, it will offer different levels of monthly payments and yearly deductibles. Your family size, however, will affect the amount you need to pay for your chosen plan.
Monthly premiums and out-of-pocket maximums increase with family health plans, and covered services may also vary. Many families stick to using the same family plan. This way, they are likely to meet the out-of-pocket maximum and not worry about paying out-of-pocket costs for already covered services.
Rest assured, finding an affordable plan is possible. Our trusted clients offer services that are suited to your financial needs. We encourage you to get a quote with Health Plans of NC and find the best plan for your family. One of our agents will contact you and work hard to find the right insurance company.
The Average Cost of Family Health Insurance Based On Family Size
The average cost of family health plans will vary based on the size of your family. The more people in your family, the more expensive your monthly premiums can get. This factor can change depending on the number of kids. Below is MoneyGeek’s estimated average monthly cost for family health plans based on family size.
AVERAGE HEALTH INSURANCE PREMIUMS BY FAMILY SIZE
Family Type | Average Monthly Cost |
Individual (40-Year-Old) | $477 |
Couple (Two 40-Year-Olds) | $954 |
Couple w/ One Child (Age 0–14) | $1,230 |
Couple w/ Two Children (Ages 0–14) | $1,506 |
Couple w/ Three Children (Ages 0–14) | $1,782 |
Other Factors Affecting the Cost of Family Health Plans
Family size is not the only factor affecting the cost of your family health plan and your monthly premiums. Other factors can all play a role in your monthly payments like:
The type of health plan and the insurance company you select
The state you reside in
Your age
Here is a more in-depth look at MonkeyGeek’s estimated average cost of family plans based on these factors.
State
Health insurance costs may vary depending on where you live. The state of Indiana has a significantly lower average monthly premium of $431 compared to Arkansas’ $798 average.
Age
Health insurance costs and monthly premiums tend to increase with age. This is to account for expected costs that come with older-aged individuals. The average monthly premium for a 26-year-old is $372 compared to an average of $970 for a 60-year-old. Older people may, however, be eligible for subsidies if they have low income, are retired, or are working fewer hours.
Type of Health Plan
Your insurance plan may cover different amounts of the cost of care. Plans are often differentiated by metallic tiers (Bronze Plans, Silver Plans, Gold Plans, and Platinum Plans). The tiers determine how the health care plan and members split the expenses. For example, Bronze plans are typically 60% insurer costs and 40% member costs. Meanwhile, Silver plans are 70% insurer costs and 30% member costs. However, the more the plan covers, the higher your premium will be.
Insurance Company
The cost of health insurance can vary depending on the insurance company. Oftentimes, the more affordable plan offers fewer covered services. For example, the average Silver plan with Aliant costs $427 per month. On the other hand, the same Silver plan with Wellcare will cost an average of $1,001 per month.
What Do You Get From A Family Health Plan?
Your loved ones need to have their health protected just as much as you. A family health plan can ensure their well-being. While these plans have many benefits, we understand the financial burden that comes with them. The good news is that investing in the best family health plan coverage will ensure your family’s health and wellness. Chola Insurance lists these benefits that a family health plan can offer.
● Affordable Premium
You will be charged less for your premium when you have a family health plan rather than paying for each member of your family.
● Benefits for every member covered
Any family member covered by your health insurance can use the sum insured under the policy. In case a family member gets sick or is hospitalized, they can make use of the high coverage. Your out-of-pocket costs will be less when you choose a family plan.
● Maternity coverage included
Maternity-related expenses will also be covered under a family health plan. This is perfect for couples just starting their family.
● Tax benefits
Many family health insurance plans are tax deductible. This is great for your tax planning and can allow you to deduct your monthly premium.
How You Can Get The Best Health Insurance for Your Family
A health insurance agent can help you enroll in the right insurance plan for you and your family. When navigating your finances and the many insurance coverage options, an agent can help you figure out where to start. An experienced agent will take your family size, budget, and personal circumstances into consideration when finding you the right plan.
Our licensed health insurance agents know exactly where to look to find you the best coverage possible. An experienced agent will have access to multiple platforms and do the research to find what best suits your needs. You will receive the hands-on help necessary to source the best quote. Health Plans of NC has a breadth of knowledge and experience in family health plans. Our agents will ensure the plan stays within your budget and provides the covered services necessary for your family’s well-being.
Frequently Asked Questions
What is the best age to get health insurance?
The best age to get health insurance is typically in your mid-twenties. At this age, you are most likely in your best health. Additionally, by age 26, you can no longer be claimed as a dependent under your parent’s health insurance.
Which month is best to buy health insurance?
The best time to purchase health insurance is during the Open Enrollment Period, which runs from November 1st to January 15th. Unless you are eligible for Special Enrollment Periods (SEPs) you won’t be able to enroll in a plan outside of the Open Enrollment Period.
Is it worth getting private health insurance under 30?
It is worth considering getting private health insurance under 30. Nobody plans to fall ill or become severely injured, therefore it is best to secure your well-being. There are many affordable health insurance options to choose from.
Which insurance covers the entire family?
A family health insurance plan will cover your entire family rather than individual members. There are many different insurance companies to choose from. Work with a trusted agent to find an insurance company that will best fit you and your family’s needs.
Which health insurance is best for the family?
There are many different family health insurance plans to choose from. An experienced health insurance agent can help you find the best quote based on your budget and circumstances.
How much health insurance is required for a family?
There is no requirement for health insurance at the federal level. However, this may vary from state to state. A tax penalty may be imposed if you do not have health insurance in the following states: New Jersey, Massachusetts, Vermont, Rhode Island, California, and Washington D.C.
Have More Questions About Family Size and Health Insurance?
We know how important it is to you that your family’s health remains secured under a proper health insurance plan. Keep in mind all the factors that come into play when selecting the right insurance plan, especially your family size. You and your loved ones will benefit in so many ways when you choose the right plan from affordable premiums to tax benefits.
Are you based in North Carolina and want the best health coverage for your loved ones? Health Plans NC has a selection of talented agents prepared to find you the plan your family deserves. Sign up to be contacted by one of our agents and get a quote today.