Individual and Family Health Insurance
Definition - What does Individual and Family Health Insurance mean?
Individual and family health insurance refers to health insurance policies that can be purchased on an individual or a family basis. Health insurers usually offer both individual and family health insurance plans in order to better cater to their customer bases. Married couples often purchase individual health insurance policies, but it is very common for single parents or couples with children to purchase family health plans.
Insuranceopedia explains Individual and Family Health Insurance
Many employer-sponsored health benefit plans offer both individual and family health insurance plans. This is a great perk for employees, especially those with dependents, since they can save quite a bit on these group plans because companies typically negotiate lower rates.
Having a health insurance plan is currently mandatory in the United States under the Affordable Care Act. All citizens, then, must purchase either individual or family health insurance plans or else face a financial penalty.
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