You want to make sure there is enough coverage, but at the same time, you don't want to waste money overpaying for too much coverage. Setting up a monthly insurance budget for your family is a crucial process to undergo.
Depending on the size and ages of your family, your insurance needs might include:
Health insurance is usually the most essential one to have covered, and it's also typically the most expensive.
You might think that your choices for health care are either through an employer or the Affordable Care Act via the government's Healthcare Marketplace. This is no longer the case. There are many options regarding non-obamacare health care.
Your family needs a certain floor in terms of minimal insurance coverage. That's what you figured out when you ascertained your needs.
Setting up a monthly budget for your family's insurance needs is a simple process:
It's a bit of work, but the peace of mind is priceless.
Ascertain Your Needs
Depending on the size and ages of your family, your insurance needs might include:
- Health insurance.
- Life insurance.
- Vision insurance.
- Dental insurance.
- Home or renter's insurance.
- Vehicle insurance.
- Travel insurance.
Health insurance is usually the most essential one to have covered, and it's also typically the most expensive.
Non-Obamacare Health Care
You might think that your choices for health care are either through an employer or the Affordable Care Act via the government's Healthcare Marketplace. This is no longer the case. There are many options regarding non-obamacare health care.
A combination of congressional action and judicial decisions has pulled the teeth out of the mandate for coverage, so your health care no longer has to meet the standards and minimums set forth by the ACA provisions.
Policies like these can give your family the health insurance coverage they need without paying for coverage they don't need or having to worry about more paperwork at tax time.
Make Your Floor Your Ceiling
Your family needs a certain floor in terms of minimal insurance coverage. That's what you figured out when you ascertained your needs.
However, once you have brought your coverage levels up to what they need to be, you need to do anything you can to bring costs down. Look into things such as:
- Areas where multiple policies overlap.
- Cost reductions through bundling multiple policies together.
- Avoiding monthly installment charges by paying for an entire premium at once.
- Setting higher deductibles for lower premiums.
- Raising your credit score to get better rates.
Key Takeaways
Setting up a monthly budget for your family's insurance needs is a simple process:
- Determine your coverage needs.
- Meet them.
- Find cheaper policies to save money.
- Make enough money to keep up with your monthly payments.
It's a bit of work, but the peace of mind is priceless.
