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

HealthPlans of NC

Health insurance is essential, as individuals should receive comprehensive coverage for various 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. This article 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 must pay. Every month, you will pay a monthly premium. This is a decided amount 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, a fixed amount you pay after receiving medical services. Alternatively, you may have a coinsurance, a percentage split between the policyholder and the insurance company. 

Your monthly premium may vary Depending on your residence and plan type. 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. Also, the number of dependents can play a determining factor. A family of 3 typically pays less than a family of 5 as fewer individuals receive coverage. 

Furthermore, different plan tiers can affect monthly prices. 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. 

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 quickly. 

In addition, the type of plan you choose can also impact your out-of-pocket expenses. Specific 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 MoneyGeek states, a family of three 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 these costs and the various factors that can influence them. 

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10 Factors to Consider When Choosing Family Health Insurance

When considering which family health insurance plan to choose, you must consider many 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. 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 pretty 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 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, you may suffer a lapse of coverage. 

It is also important to note that some non-ACA plans may require a waiting period. Typically, the waiting period is 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. 

Five Ways to Reduce the Cost of Health Insurance for a Family of Three

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. Understanding the various factors makes you 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. This can be an affordable plan type for families who do not require frequent medical services. 

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

  • 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 plan offers routine checkups, immunization, and dental/vision care benefits.

  • Furthermore, working with a knowledgeable insurance agent can be quite helpful as they have the qualifications and experience. 

Top Health Insurance Plans for Families of 3

Understandably, top health insurance plans for families provide health care services and meet financial circumstances. As Forbes states, 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: 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 family health insurance plans. 

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Applying for Superior Family Health Insurance Plan

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

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

Once you enroll, you will make 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. 

The enrollment process should generally be completed within a few months. 

Frequently Asked Questions

How is health insurance for a family of three priced?

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

Furthermore, different plan types and tiers can also impact out-of-pocket expenses. Lower-tier plans with a deductible have lower monthly fees. Luckily, affordable health insurance is available 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 three family health insurance plans?

No, you cannot have three separate family health insurance plans. However, you can purchase a primary and 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 do I choose the right health insurance for my family?

Again, you must consider both out-of-pocket expenses and coverage options to 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. You may change plans within a Special Enrollment Period if a life-changing event occurs. 

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 non-exclusive agency of Blue Cross Blue Shield of North Carolina.

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!

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