Even when adjusting for inflation, health care costs have skyrocketed, going up 70% for Canadian families in the last 20 years. The best health insurance for a 4 person family is no longer accessible to many families with two full-time working adults.
If you want to insure your family of four on a limited budget, you need to do some preparation up top.
Here are five ways to combat the rising costs of healthcare.
1. Consider Existing Conditions
Every family has their own set of health care concerns. No one is born with perfect health and every family has a set of hereditary problems that plague everyone in the family. If you don't consider your family's specific health needs when seeking a health plan, you'll miss out on providing everyone with the care they need.
If someone in your family has a pre-existing medical condition, talk to your doctor about what their needs are and what they'll be for the years to come. If you don't properly assess their needs and consider them properly, you'll leave your family member uncovered and subject to huge bills later on.
To provide the most compassionate care for them, make sure they're covered.
Some plans have restrictions on pre-existing conditions. This is one of the major factors driving costs up for families.
This is also a reason to buy coverage when you're healthy, rather than waiting until you're sick.
2. Think About Overall Health
When families fail to use the preventative care provided as a minimum by the national system, they put off their health care needs for later. This is dangerous because when we don't get the treatment we need as soon as we need it, our problems escalate.
If you're shopping for a policy, you need to consider how much you're going to use it. If it's supplemental to your preventative care, you won't need to use it very much. A lower premium helps to cut costs if you're going to use it only on a rare occasion.
However, if you keep your coverage level too low, you don't need to be married to that policy. Coverage is usually increased with just a phone call or a quick log onto an insurance company's website.
If you're not pleased with your coverage, your insurance broker has the power to give you more coverage at a moment's notice.
Expect your health care needs to change over time. Buying more coverage now, while you've got a great health record, is going to cost less than buying it when you need it later.
3. Getting What You're Paying For
There's a dance to be done between paying the costs of insurance versus how much coverage you get. When you're considering the options for your family, it's vital to balance cost and coverage.
Affordability is a struggle for every family, so think carefully when you're seeking your next policy.
The cost of premiums is the figure that's going to jump out at you and make you think twice about your policy. However, your premium is only the skin of the pudding.
Lower premiums correlate with lowe coverage and ensure when it's time to get what you need, you'll be stuck holding the bill.
When you pay higher premiums, that means you'll be walking out of a hospital without feeling like you just got bullied for your lunch money. When you're paying less out of pocket, it means fewer surprise costs that devastate your family budget.
You need to think about how much your family is set to use a policy over the course of a year before you sign up. If you make a careful decision about this aspect, you'll get what you pay for and feel more satisfied with your coverage when the time comes to use it.
4. Watch The Limits
One of the reasons that families see their costs are rising when it comes to health insurance is because they're not on top of their coverage limits. If you buy a policy with a lower premium, you might think you're getting a good deal.
However, if your family tops the limits six months into the year, you'll be hit with some surprise costs.
If you anticipate that you, your spouse, or your children may need extensive dental work in the coming year, make sure you're covered. If you're not covered with a basic policy, see how it measures out when you extend your policy.
You could save thousands if you pay just a few more dollars per month.
Balance your needs and even make the effort to call your dentists or specialist to ask about pricing. When you juggle all of these numbers, you'll ensure you're paying less out of pocket.
Planning is the best way for families to stay out of debt when it comes to their medical costs.
5. Think Outside The Box
When you're putting together your family's health care budget, make a list of all of the services you want and need. Cross off what's covered by your national policy.
After you've arrived at a list of extended services, start looking at policies that offer help you might need later on.
If you have a family that's very active and sporty, that's great when it comes to the basics of good health. However, kids and family members who spend more time on a playing field running and jumping are also likely to get hurt.
Beyond broken bones, there might be physical therapy, massage therapy, or specialists needed.
For families with a history of mental health issues, prescription medication should be covered. This ensures that everyone gets the care they need without the family going into debt.
Health Insurance for a 4 Person Family is Costly
If you're working to afford health insurance for a 4 person family, you're going to be shocked at the costs. If you're not adequately prepared, you'll be spending more out of pocket than you'd ever have anticipated.
Once you know what to do, you'll understand how you can save on health insurance. This makes it much easier to handle the cost, even for a 4 person family.
If you haven't considered life insurance, there's ways to avoid the rising cost if you know where to look.
