Having a large family can be costly in many ways. There always seems to be an extra expense, and this applies to the cost of health insurance as much as to anything else. Once the number of individuals within a household is greater than four, premiums are usually more expensive. Another problem is that some insurance companies are hesitant to cover larger families for a number of reasons, including:
- A greater risk is posed to the insurer because of the number of people within the home.
- Sickness within a household could easily spread through the family, leading to many claims at the same time.
Even if they are able to obtain a policy, most large families usually end up paying a lot more than the average family in premiums. This is the insurer’s way of protecting itself if the need to pay out a large sum of money arises.
What every family needs is a policy that it can afford–one that can be relied on to release funds when a claim is made. Having a larger family makes it even more important that access to monies is there when needed. There are a few tips that larger families can follow to help them get the best insurance rate:
- Healthy families should show proof to potential insurers that their family members are usually in very good health. If there are no underlining health factors, and if no one has been hospitalized, let it be known.
- Submit as much information about your family to the insurance company as you can. If the insurer is more aware of the health conditions of everyone in the family, it will feel more comfortable in the fact that it is giving the right coverage to the family. For example note down who smokes, who exercises and how often, and so on. Doing so also means that the insurer does not have to speculate, as speculation could result in a higher premium cost.
- Ask for the deductible on your policy to be raised. It may seem that when the need arises, you end up paying out more, but it will lower the cost of your premiums.
- If a family member has a pre-existing condition, invest in a separate policy for him. A policy that has to cover a known sickness as well as many healthy individuals will always be more costly.
- Know what coverage your family needs and ask for it. Be specific. This shows the insurance company that you know exactly what you are looking for. With this in mind, they will be more likely to make sure that your policy covers the essentials and nothing more.
- Find out if the insurer offers any other kind of insurance policy that you may be interested in. If you were to purchase more than one policy from the insurance company, a discount almost certainly would be offered.
The fact remains that finding a reasonably priced health insurance policy for a large family is not an easy feat. However if you shop around, ask for a few quotes and get some expert advice before investing, you should be able to find something to suit your needs and your pocket. Get in touch with one of our experts today and allow us to help you find the best policy for your family.