When it comes to health insurance coverage for families, How much does it cost? is one of the most common questions we hear. We break down common costs and factors to consider when choosing the coverage that’s right for you and your family.
Like so many other answers to questions about health insurance: it depends.
Where you live in Colorado is one of the main factors that determine your monthly premiums. For example, the Western Slope typically sees higher insurance costs than families in more populous areas like Denver. That’s because rural areas and smaller towns have fewer carriers and providers.
For example, in 2020, a family of four in Grand Junction (with two adults in their 40s and two children) could, on average, expect to pay $1,300 per month. Some plans have a higher monthly premium, and others can be less expensive, so the plan type is a factor in determining costs.
In Denver County, a family with the same demographics would pay $1,100 - $1,200 per month, on average, for the same plan level in 2020.
Location isn’t the only thing that impacts your fixed monthly costs. A person’s age also affects the monthly premium. The number of people on the plan plays a role as well — every person added increases the premium.
However, some insurance carriers, including Rocky Mountain Health Plans (RMHP), cap a family size at three children under age 21.
That means every additional child after the third would have no added premium. It can be helpful for large families, so be sure to ask about similar features in the plans you consider.
But, a plan’s premium isn’t the only cost families should review. Every family should also think about what they expect their health to look like for the year. If a major surgery is expected, factor that into the decision-making process. In this scenario, a lower deductible may make more financial sense.
Before exploring the different healthcare costs that can come with health insurance, you may want to consider reviewing some common health insurance terms.
In addition to the monthly premium and deductible, be sure to weigh additional out-of-pocket costs and the benefits of the plan itself.
Review copays for doctor visits, specialists, emergency room visits, and urgent care. With sports injuries, illnesses, and routine wellness visits, most kids will visit the doctor at some point each year. What do you expect for those costs? High-deductible health plans may have lower monthly premiums, but the cost of care can quickly add up.
Telemedicine is another tool that can help families save time and money, so you may want to consider a plan that includes virtual visits. If your child becomes ill after hours, access to a doctor 24/7 can be a reassurance.
At RMHP, we strive to offer a variety of plans with low copays and benefits that exceed expectations, and we’re here to help you find and make the most of your plan.