How Does the Size of My Family Impact My Insurance Cost?
The size of your family doesn't necessarily determine what you spend on doctors and prescriptions. A healthy family of six could spend less than a married couple with chronic conditions. But when it comes to your health insurance costs, the number of people on a plan does affect what you pay. We'll show you how.
When you add a spouse or child onto a plan, your monthly payment goes up. That's because you're charged for each person covered by your plan. When you have more than three children under the age of 21, you only pay for the three oldest. Here's how that works.
An individual plan has one member, or just one person covered by the plan. Family plans cover two or more members.
The deductible and out-of-pocket maximum for a family plan is usually double of an individual plan. So if the deductible for a plan is $2,000 for a family, it's $1,000 for an individual. If the out-of-pocket maximum for an individual plan is $6,000, it will be $12,000 for a family, no matter how many people the plan covers.
Take a look at the individual and family health insurance plans to get more information.