It’s confusing, it can be pricey, and there are several household chores you’d rather do, than deal with it… It’s your health benefits. But don’t worry, you can do this. You might even learn something useful! Consider this your health benefits 101.
Your health insurance coverage is generally one of two types: a Single Plan or a Family Plan.
A health insurance Single Plan means that it covers just one person. If you want health coverage for yourself only, you should elect single plan health coverage during your enrollment period.
You do not necessarily have to choose Single Plan vs. Family Plan based upon the family members you may have. You can still choose to participate in a Single Plan if you are married, partnered, or have dependent children, for example.
A “deductible” is the set dollar amount that you must pay before the insurance company pays. A single deductible applies to a single plan, so your plan’s deductible amount is based upon having a single or family plan.
A single plan deductible is sometimes called a “Single Deductible” and is generally a different dollar amount than a family plan deductible.
Usually the single deductible is about one-half to one-third of the cost of a family deductible. As you might imagine, the premiums (monthly payments) for single plan insurance are also lower than the premiums for family plan insurance.
But wait, there’s more. This is a general description of a single plan and single deductible, but that isn’t all of it. Check your Summary Plan Description (SPD) from your health insurance company! It contains what you need to know about the specific rules of your health insurance plan.
If you want to know rules about any of our Employee Benefits Corporation plans, please check the specific Plan's Summary Plan Description (SPD) by logging in at www.ebcflex.com to access it. There you will also find other helpful information that explains the specific rules for your BESTflexSM Plan health care flexible spending account, EBC HRASM, or SimplyHSA; the benefits that give you ways to save pre-tax money on your healthcare expenses.