With a mother who raised three kids single-handedly, it’s expected for us not to get everything we wanted or needed in life. For instance, since I was the middle child and closer to my sister’s age, I got her hand-me-downs most of the time. Even though it was famous for kids to buy food from the cafeteria, we always brought whatever we could find at home for lunch. If we’re lucky, we could get sandwiches. If not, we had to stick to an apple or banana.
One other thing we did not have access to while growing up was medical care. Since we did not have money to pay for doctors, Mom turned into one at home. I could still remember one time I had a loose toothy, and she pulled it out for me. If someone had the flu, she gave us cold showers and warm drinks with honey and lemon. No one had complaints because her methods worked.
When I had my first child, my spouse opened up about getting a family insurance plan. My initial reaction was like, “No way! Let’s use the money for our baby’s college fund.” Then, my spouse, who happened to get regular Medical and dental checkups from birth, tried to explain what getting this family insurance meant.
Below are the pros and cons of getting a medical insurance plan for the family.
Pros
Avoid Paying Hospital Bills Out Of Your Pocket
The primary advantage of having health insurance is that you can go to any accredited hospital without the fear of getting turned away before you don’t have a cash or credit card on hand. You merely need to give your HMO details to the administration staff, and they will treat you immediately. You may even opt for a private room instead of getting placed in a public ward without a problem.
All this is possible because insurance companies allocate a few thousand dollars to every policyholder. The exact amount depends on your preferred plan, but it is for different conditions, so it should still be okay. As long as you need not pay the bills out of your pocket, you’re good.
Have Immediate Access To Amazing Doctors
Every healthcare company is connected to a long list of doctors who specialize in various diseases. You can see their names on the welcome package that usually comes after signing your agreement.
Mind you, they are not always novice doctors who want to do everything to get by. Many are well-known in their field, so you don’t have to feel limited by your options. What’s more, is that you can get their services and then allow the insurance provider to shoulder their professional fees for you.
Avoid Worrying About Finances When A Loved One Is Ill
When my husband got diagnosed with prostate cancer, we were utterly devastated. Although it was still curable, he would even need to get radiation therapy to kill the cancer cells and keep them from spreading. He had to take a couple of months off work so that his body could recuperate continuously.
As a saving grace, we did not worry about finances anymore, thanks to our family insurance. It would have been a pain to handle the bills since cancer treatment fees were significantly higher than those for other diseases. Without insurance, we would have had to pay at least $50,000—the kind of money that we did not have lying around.
Cons
Pay For High Policy Costs
The reality with insurance plans is that the more people you get it for, the higher the costs. For instance, for our family, I paid approximately $400 every month. If I did not have a stable job, we would have become homeless because of that.
Pay The Plan Without Using It
Another issue with insurance plans is that a lot of families end up being unable to use it. After all, some people have strong immunity and don’t ever get hospitalized. Other than dental and regular checkups, the high amount may not justify the need to get a healthcare policy for the entire family.
The Bottom Line
Did we get medical insurance for our growing family? Yes. That’s because we wanted to have another child in a year or two, and we could save a lot if we did not pay for my checkups and childbirth and our kids’ trips to the pediatrician.
Although I vetoed it at first, I realized that the advantages of getting a healthcare plan outweighed all the cons. After all, even if we could not use it for a year, it merely meant that we were healthy. It also gave us a backup strategy in case we ended up needing it during an emergency.
Think of the best premium plan for your family now!