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 Family Plan means that it covers two or more people. If you want health coverage for yourself and a spouse, child(ren), or other tax dependent(s) you must choose family plan health coverage during your enrollment period.
You may choose to participate in a family plan whether or not you have children or are married. If you wish to have insurance coverage for yourself and at least one other family member or tax dependent, you may enroll in the family plan.
A “deductible” is the set dollar amount that you must pay before the insurance company pays. Your plan’s deductible amount is based upon which type of plan you have chosen.
The deductible for a family plan is sometimes called a Family Deductible, and is generally a different dollar amount than a single plan deductible.
Generally, the family deductible is roughly double to triple the cost of a single deductible. As you might imagine, the premiums (monthly payments) for family plan insurance coverage are generally higher than premiums for single plan insurance coverage.
But wait, there’s more. This is a general description of a family plan and family 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 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 BESTflex Plan health care flexible spending account, EBC HRA, or SimplyHSA; the benefits that give you ways to save pre-tax money on your healthcare expenses.