Family happily smiling

How Much Is Health Insurance For a Family of 3: All You Need to Know

HealthPlans of NC

Health insurance is essential as individuals should receive comprehensive coverage for a variety of medical procedures and expenses. However, trying to find the right insurance plan at an affordable price can feel overwhelming. Proper information lets you learn more about potential costs and what to look for when choosing a coverage plan. In this article, we will answer the question, “How much is health insurance for a family of 3? We will tell you everything you need to know to make the best decision. 

What is the Average Cost of Health Insurance for a Family of 3

A variety of factors determine the price of health insurance. To begin, you must understand the different expenses you will need to pay. Every month, you will pay a monthly premium. This is a decided amount of money you must pay to receive health coverage. Then, there is your deductible, the amount you pay out of pocket before your insurance begins to provide coverage. Once the deductible is met, various cost-sharing methods will be implemented. 

For example, you may have a copayment, which is a fixed amount you pay after receiving medical services. Alternatively, you may have a coinsurance. This is the percentage split between the policyholder and the insurance company. 

Depending on your state of residence and plan type, your monthly premium may vary. In addition, the age of policyholders may impact fees. For example, a 50-year-old couple may pay more monthly than a 40-year-old couple. Also, the number of dependents can play a determining factor. A family of 3 will typically pay less than a family of 5 as fewer individuals are receiving coverage. 

Furthermore, different plan tiers can affect monthly prices. To start, the Bronze tier has the lowest monthly premium, but the highest coinsurance split of 60/40.

Then, Silver has an average monthly premium with a 70/30 coinsurance split. 

Moving on, the Gold tier has a higher-than-average monthly premium and an 80/20 coinsurance rate.

Finally, the Platinum tier has the highest monthly premium, but the lowest coinsurance rate of 90/10. 

These plan tiers feature a similar correlation with yearly deductibles. Those who purchase higher-tier plans will have a lower deductible, meaning they will receive coverage for healthcare services quicker. 

In addition, the type of plan you choose can also impact your out-of-pocket expenses. Certain plans require you to visit in-network providers. This will result in significantly cheaper costs for health care services. However, other plans allow you to see out-of-network doctors and medical facilities. While this provides more freedom and flexibility, costs are typically more expensive. 

As stated by MoneyGeek, a family of 3 with a child under 14 will pay an average of $1,398 per month. While knowing average costs can be helpful, it is more important to understand what these costs are and the various factors that can influence them. 

Family and sunset

10 Factors to Consider When Choosing Family Health Insurance

When considering which family health insurance plan to choose, you must take into account a plethora of factors.

At the very top should be coverage options. Under provisions made by the Affordable Care Act, each Marketplace health insurance plan must offer 10 Essential Health Benefits. 

The 10 Essential Health Benefits are:

  • Emergency Services

  • Hospitalization

  • Mental Health and Substance Use Disorder Services

  • Rehabilitative and Habilitative Services

  • Preventive and Wellness Services

  • Pediatric Oral and Vision Services

  • Ambulatory Services

  • Prescription Drug Coverage

  • Laboratory Services

  • Pregnancy, Maternity, and Newborn Care

These are the minimum required services. Health insurance plans should offer additional benefits and coverage options. In fact, specific plans may provide adult dental and vision care. It is important to fully understand the benefits you will receive when thinking about a plan. Speaking of benefits, specific plans may offer daycare services. For families with young children, this can be quite helpful. 

Furthermore, you must consider the Open Enrollment Period. This is the window of time in which you can enroll in a new plan or change your current plan. The OEP is from November 1st to January 15th. Those who enroll between November 1st and December 15th will start to receive coverage from January 1st. On the other hand, those who enroll between December 16th and January 15th will receive coverage on February 1st. If you fail to apply during this time period, you may suffer a lapse of coverage. 

It is also important to note that some non-ACA plans may require a waiting period. Typically, there is an insurance waiting period anywhere from 30 to 90 days. In addition, pre-existing health conditions can increase the waiting period by up to a full year. Understandably, these durations of time should be considered when choosing a family health insurance plan

5 Ways to Reduce the Cost of Health Insurance for a Family of 3

Understandably, the cost of health insurance can be concerning. This is especially true for families as their monthly fees are generally higher than those with no dependents. However, there are helpful tips you can follow to make insurance costs more manageable. 

  • To start, you can compare different health insurance plans. By understanding the various factors, you are better equipped to make an informed decision. As previously stated, the Bronze tier features the lowest monthly premium but the highest monthly premium and a yearly deductible. For families who do not require frequent medical services, this can be an affordable plan type. 

  • In addition, you may be eligible for premium tax credits. These are subsidies issued by the federal government to help pay for monthly premiums. To qualify, your household income must be within 100 to 400 percent of the federal poverty level. 

  • To continue, your family may also qualify for CHIP (Children’s Health Insurance Program). For families who do not qualify for Medicaid, CHIP can be a great way to receive child health coverage at an affordable price. This type of plan offers benefits such as routine checkups, immunization, and dental/vision care.

Top Health Insurance Plans for Families of 3

Understandably, top health insurance plans for families provide health care services and meet financial circumstances. As stated by Forbes, Blue Cross Blue Shield ranks highest in availability in the Affordable Care Act Marketplace. In addition, Investopedia states that Blue Cross is the best company for robust coverage. 

Typically, there are four different types of insurance plans. These are HMO (Health Maintenance Organization), EPO (Exclusive Provider Organization), PPO (Preferred Provider Organization), and POS (Point of Service). 

With an HMO or EPO plan, you have lower monthly premiums and out-of-pocket expenses when choosing in-network providers. However, under a PPO plan, you can choose any care provider at the cost of higher copayments. 

By knowing what you consider more valuable, you can choose from various health insurance plans for families. 

Portrait of happy family

Applying for Superior Family Health Insurance Plan

The application process for a superior health plan can be quite simple if you remain proactive. First, you should explore different coverage plans with different benefit options. 

After finding a superior health plan, you must enroll on time. It is essential to apply during the Open Enrollment Period.

Once enrolling, you will pay your first monthly payment. Coverage will not begin until you make the first monthly payment.

The final step of the application process is receiving your insurance card. Typically, this will occur 2-3 weeks after your first payment. 

In general, the entire enrollment process should be completed within a few months. 

Frequently Asked Questions

How is health insurance for a family of 3 priced?

MoneyGeek reports that the average cost of health insurance for a family of 3 with a child under 14 is $1,398 per month. Family health insurance prices are also based on the state of residence and age of the policyholder.

Furthermore, different plan types and tiers can also impact out-of-pocket expenses. Lower-tier plans with a deductible have lower monthly fees. Luckily, there is affordable health insurance in North Carolina.

Which health insurance is best for small families?

The best health insurance coverage for families depends entirely on medical needs and financial situation. For those who can afford more costly expenses, a plan that offers greater benefits may be best. Based on numerous different websites, Blue Cross Blue Shields ranks quite highly.

Can you have 3 family health insurance plans?

No, you are not allowed to have 3 separate family health insurance plans. However, you can purchase a primary plan and a secondary plan to help cover out-of-pocket expenses. 

What types of health insurance plans are available for families?

Families can choose from HealthCare Marketplace Plans, short-term insurance plans, and medical indemnity plans. 

How to choose the right health insurance for my family?

Again, you must consider both out-of-pocket expenses and coverage options. By doing so, you can find the best health insurance coverage for families.

Can I change my health insurance plan at any time?

You are allowed to change family health insurance plans during the Open Enrollment Period. If a life-changing event occurs, you may change plans within a Special Enrollment Period. 

How You Can Learn More With Health Plans of NC

At Health Plans of NC, we can help you find affordable health insurance in North Carolina. We are a Blue Cross Blue Shield of North Carolina non-exclusive agency.

Our team of licensed and experienced health insurance agents has the knowledge and ability to assist you throughout this process. They can inform you of various comprehensive Blue Cross health plans. We look forward to helping you!

Ready to get started?

See plans and pricing today.