Your employer might expect you to cover more of your own healthcare costs in the next year.
According to PricewaterhouseCoopers’ annual report, “Behind the Numbers: Medical Costs Trends for 2010,”On July 9, 2009, 42 per cent of employers stated that they would reduce their employees’ insurance contributions in 2010.
This is a good news story as millions of Americans start the annual review of their health insurance benefits. “open enrollment.”
Health insurance experts advise people who are often unable to manage the changes required by their employer-provided healthcare benefits to take another look.
Amir Mostafaie, a licensed health insurance agent in all 50 states, says anyone whose employer is asking them to cover more of the costs of their own insurance can go online to compare their health insurance options for free at a place like eHealthInsurance.com.
Mostafaie says, “Find out how much your employer expects you to pay out of your paycheck, but also get a quote for individual health insurance and compare the costs and benefits. If your employer is making changes to your coverage or dropping your family members from a plan, you may find plans with lower monthly premiums in the individual market. And if you ever lose you job, you won’t lose your health insurance with it.”
Mostafaie cautions that you must be aware of other issues before you make any changes. “Individual health insurance policies often have higher deductibles than group plans, and may not always cover the same benefits as group plans. Pre-existing conditions may not be covered under an individual policy, and your application for insurance could be denied if you have one.”
Mostafaie continues, “In J.D. Power and Associates’ 2009 Health Insurance Plan Satisfaction Study, released on April 2, 2009, individual health insurance policies got higher ratings than small group plans, but lower ratings than large group plans. Talk to an expert and get answers to your questions before you make any changes to your benefits.”
You can find more information about purchasing health insurance here. www.ehealthinsurance.com/guide.
