What Is Family Health Insurance?

Video Transcript

"So families may want to seek health insurance on their own, often times companies will offer plans for people and what will happen is a person will take a plan through their work and then add on a spouse or children through their individual plan that they have at work. Now, they will pay a little bit more through their work but, they will have the coverage for those individuals and their family as well. Now a person may want to as I mentioned before seek out individual health coverage for their family on their own outside of what their work offers. Now the reason they may want to do this is groups offer sort of specific plans that are tailored to meet the needs of an entire group. So the family unit might include the individual, maybe a spouse, children or any other possible dependents that the individual might want to have covered under his or her plan. Now when going out and seeking outside coverage the plan will be a little bit more tailored specifically to your needs and you can obtain that coverage often times a little bit cheaper than what you would through the group. Now you may be paying as much as $500 a month to have coverage through your group and you may be paying similar or slightly less maybe 450 for the same type of coverage but, it can vary really greatly depending on the number of individuals that you have covered, the age of the individuals, maybe pre-existing health conditions, etc. So it will vary greatly on not only the make-up of who you're covering also though it will depend on the plan so the higher deductibles will be less expensive, the smaller deductibles more expensive, if you do co-pays, the higher the co-pay the less expensive premium, the lower the co-pay the higher the expensive premium. So employers can contribute a portion to your plan often times they will pay for your plan entirely but, your sort of wages or what you earn might be adjusted based on providing that coverage to you and it will be, it will not necessarily be applied on your individual basis but, more on the group basis as well."