Family invites allow you to share your account with friends & family without worrying about your privacy. You can invite up to 4 people this way. You'll see the Family section on your account's menu if you have a 1T or a higher plan.

We're still improving this feature but here's how it works at the moment: 

Each family member has a separate account in practice - meaning they have their own login credentials, settings, files, etc. None of the family members are able to access each other's files unless the files are shared with them. All family members will be sharing the same storage & transfer limits - so if you have a 1T plan, everyone will be taking their own slice from that 1TB storage. 

There's no price change for adding family members. As the main account (the inviter), only you can see the Payment tab and carry out the payments. Invited family members won't be paying separately.
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Our recommendation for sharing files with family members is to create a folder and share this folder with the other family accounts by choosing Share from the Actions menu - and voila, they'll be able to see every file you put in that folder. 🙌