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If you are looking to purchase a health insurance plan for your family, one of the questions that you may have is how a family health insurance plan differs from an individual plan. At Insurance & Financial Services, Inc., serving the greater Baton Rouge, LA area, we want you to be informed about the different options so you can make an informed choice as to which plan is best for you. Here are a few of the differences between individual and family health insurance plans.
The Cost
One of the differences between a family health insurance plan and an individual health insurance plan is the cost. It is typically cheaper to buy one family health insurance plan than it would be to buy individual plans for everyone in your family.
The Deductible
Another critical difference between a family health insurance plan and an individual plan is the deductible. On an individual plan, you have one single deductible you need to meet. On a family plan, there is an individual deductible for every person and a family deductible. Whichever deductible is met first is the one that matters for a family plan.
The Policy Limits
The last key difference between individual and family health insurance plans is the policy limits. On an individual plan, the policy limits only apply to you. On a family plan, there are family limits. This means every person who is on the family plan has their totals combined. If one person has been ill and has needed a lot of care, it may affect the amount of coverage left for everyone else on the plan.
When you are ready to purchase a health insurance plan in the Baton Rouge, LA area, contact Insurance & Financial Services, Inc. We can help you find the right health insurance plan for your family’s needs.