Life is full of unpredictable events, and no one can tell if or when something terrible will happen. That’s why you must prepare yourself for whatever may come. A severe illness or an accident can happen out of nowhere, and when they do, there are hospital bills and other expenses to consider.
To cope with the bills building up, a family needs a health insurance plan that includes a type of coverage with health benefits and a wide range of health-care services that cover both outpatient and inpatient care.
With that in mind, we at Melton McFadden compiled the best family health insurance plans aimed at helping families save money on medical services, preventive care, prescription drug coverage, routine doctor’s visits, and medical emergencies.
Health Insurance Plans for Families
At Melton McFadden, we provide a wide range of different health insurance plans in Michigan aimed at matching the requirements and needs of Michigan families.
The most common health insurance plans are:
- Managed care – includes point of service (POS), preferred provider organizations (PPO), and health maintenance organizations (HMO) plans
- Fee for Service Plans
Let’s break down the basics of these plans and how they can help you reduce family health insurance costs.
Choosing a Family Health Insurance Plan
To select the best insurance plan for your family, you need to have a thorough understanding of the types of insurance plans, their costs, and the benefits they pose.
Fee for Service Plans
FFS plans are health insurance plans that provide direct coverage for any medical expenses with medical providers. They compensate for any costs the insured had to cover due to an insurance claim, including each medical payment.
FFS plans can relate to medical providers or a preferred provider organization. If you choose to go with an FFS plan with a preferred provider, you will be allowed to visit medical providers on more convenient terms.
These terms include reduced charges of visitations, which means you get a chance to save money you’d have to pay out of pocket – making this a rather affordable family health insurance option.
If you want health insurance that provides medical and health care through a selected network of physicians and hospitals, a health maintenance organization plan is your best option. HMO plans offer health insurance coverage in a particular geographic or service area, which brings many great benefits to policyholders.
Perhaps the most significant benefit is that an HMO plan completely excludes the need for any paperwork. There’s also the possibility of avoiding paying for covered services.
Some people make a mistake in thinking that getting health insurance plans outside of the area where they live will help them save on the expenses but, having insurance coverage with the hospitals near you, offers the advantage of a quick response in an emergency.
Point of service plans are part of certain HMOs, and they include additional services that provide insurance coverage outside of the designated HMO network. It’s a good plan to have in mind in case that your HMO plan doesn’t cover any additional services that may arise from any emergency.
However, there is a downside to take into consideration – a POS plan requires the insured to spend more for using providers outside of the insured network. Coinsurances and deductibles are also higher than they would be with a provider on a plan.
A POS plan is usually something that you take only if you need additional health insurance as a backup.
The Best Family Health Insurance Plans from Melton McFadden
Choosing the right insurance plan always requires considering several different options. It might sound confusing, but our insurance professionals will help you find the right plan that suits your needs and the needs of your loved ones.
It’s essential to find an ideal type of coverage to make sure every family member is insured in case of an emergency. That’s the exact reason why Melton McFadden offers three trusted types of family health insurance plans.
These complete plans cover different ranges of needs that you and your family have. That aside, we also provide other types of insurance coverage that you can pair with your health insurance to improve the quality of your life and ensure peace of mind in the years to come.
To learn more about what your perfect insurance plan would look like, contact us today for a quote and keep your family safe and secure.