"Insurance is a contract of indemnity between two parties. In this ccontract, one party gives surety to compensate the loss/expense of an event to the other party."
Health insurance is one of the wimost dely used insurance policies among all types. As it gives surety to pay thdical expenses in certain situations. There are other insurances like life insurance,vehicle insurance marriage insurance and many other.
By practical experience in know about many Health Insurance Plans which are opted by the general public and offered by the many agencies in almost all countries. Many people choose health insurance plans for family because it has many benefits like car insurance, home insurance, and life insurance.
Following are some pertinent reasons why one should have health insurance plans ;
Less pressure of cost at the time of emergency
Being able to find help with peace of mind
Rapid Health care
These are some reasons but one of the major benefits is that health insurance plans prevent you from the loss of money in case of accident or any other sickness.
All countries have different procedures and plans in terms of insurance .Let's understand the types of health insurance plans for family in the USA. If a person gets health insurance done from employer then there 3 types of plans which are offered to the employee (individual).
HMO
PPO
EPO/POS
On the other hand there if we talk about Health insurance plans for family in 2023 (USA), following are the details of such plans; Forbes provide these metal family health insurance plans to the general public.
Metal catagories
A bronze Health Insurance Plan
Silver Health Insurance plan
Gold Health Insurance plan
Platinum Health insurance plan
Details of such plans
Bronze: You pay the lowest premium every month, but you also have a high deductible, so when you seek care, you have higher costs because it’ll take more to reach your deductible. This metal plan is ideal if you just want coverage for worst-case scenarios. Your health insurance pays 60% of your health care costs and you pay the remaining 40%.
Silver: This monthly premium is slightly higher than bronze plans, but your costs are lower when you seek care. Your health insurance pays 70% of your health care costs while you contribute 30%. If you qualify for cost-sharing reductions, you must pick a Silver plan.
Gold: If you routinely visit your physician or need care, consider a gold plan, which has a higher monthly premium but lower point-of-care costs. Your health insurance pays 80% and you pay 20%.
Platinum: This plan features the highest monthly premium, so if you’re frequently in need of care, you can rest assured that most of your care will be covered with minimal point-of-care costs when you use any services.
When it comes to understand the family health insurance plans by considering the affordibilty of user pr chooser of plan then it is extremely important to understand such accounts;
Health Saving accounts (HSA)
Flexible spending account(FSA)
According to the Forbes Advisor
“When looking for the most affordable health insurance plan for you, it’s important to know the difference between an FSA and an HSA. Health savings accounts (HSAs) only come with high-deductible health plans. The federal government decides what’s considered a high deductible each year. Check out the minimum health insurance deductible required for an HSA, as well as the maximum benefit of the savings account. \
If an HSA is important to you, look for an “HSA eligible” label when shopping. Medicare and Tricare plans are not HSA eligible.
With an HSA you can reduce your overall healthcare costs by saving pre-tax money in a health-specific savings account. With an accompanying debit card, you can then use these funds to pay for deductibles, copays, coinsurance, and qualified medical expenses. An HSA cannot be used to pay monthly premiums associated with your health insurance plan.
You can keep an HSA regardless of your employment status and, after you turn 65, you can treat it like a retirement account, using the funds however you want without penalty.
Meanwhile, a flexible spending account (FSA) is a similar benefit provided alongside health insurance plans offered through your employer. You fund your FSA with pre-tax dollars from your paycheck and use a paired debit card when you want to use the funds on qualified medical expenses. One drawback to FSAs is the amount you save is unlikely to roll over from one year to the next. In other words, if you don’t use it by a certain date, you lose it. You’re unlikely to qualify for both of these benefits simultaneously.”
Health insurance plans for family