The Trusted Source for Florida Health Insurance
Watch out for the "Family Penalty".
Many people do not realize that the family rate for health insurance is the same regardless of the size of your family. We all know the phrase "Cheaper by the dozen” In health Insurance this is so very true. Let me explain.
A typical family of 5; Mom, Dad and three kids cost for example $900 per month for good quality low deductible health Insurance. Of course that can be greater more or less depending on coverage and geographic area.
Now let’s look at a Family of 3; Mom, Dad and one Kid. Same insurance is the same price, $900.
This, as you can see is the “Family Penalty”, for family’s that are smaller. The fable “The old women in the shoe” is really apropos here. A real deal for her with dozens of kids in the same home IE. “Shoe”
How do we save this family of 3?
We do this every day at HealthyFlorida.com. The savings can be substantial.
1. Put the Kid (1) on their own separate individual policy.
2. Consider the needs of each member in the family as to coverage. Some family member may need less or more coverage than others. One size does not fit all!
3. Kid coverage is from $40-$140 per month.
4. Mom and Dad coverage is about $460 for both age 30-35.
$460 + $140 = $600 per month.
A $300 per month savings or $3600 per year saved per year !
This can be done with group and individual insurance. Take the kid off your group and buy them individual. Here are some important caveats to know. In many states, Florida for example, Individual non-group insurance is underwritten. This means that companies my not accept an applicant with needs that do not fit their criteria. Check with your agent before you apply! Here at HealthyFlorida.com we have a system called pre-screen. This asks the company about how they may underwrite them before they apply. I will write about Prescreen in future articles.
For further information:
Bill Colpitts
bill@healthyflorida.com
(877)337-4168 EST
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