This is one of the most common questions people ask when they start shopping for health care. Unfortunately, because health care isn’t a one-size-fits-all kind of thing, the answer is: it varies.
Tag: Health Insurance
High deductible health plans (HDHP) are by far the most affordable option for healthcare from a monthly premium standpoint. This makes them really attractive to younger, healthier people who don’t need a lot of care. But if you need a lot of care, an HDHP could end up costing you more than a more inclusive plan.
HMO health plans are often the more affordable option for healthcare but costs of these individual plans can vary widely, even within the same HMO provider. Here’s an outline of the general costs you can expect and an explanation on how those can go up or down depending on the category of plan you choose.
The total cost of your healthcare plan is one of the biggest concerns people have. If you’ve decided a Preferred Provider Organization (PPO) health plan is the way you want to go, you’ll find there’s a wide range of plan options out there with varying costs. Here’s an outline of the general costs you can expect and an explanation on how those can go up or down depending on the category of plan you choose.
Taking care of ourselves is an increasing financial burden. The Kaiser Family Foundation reports that in the 10 years through 2016, employees’ with health insurance coverage have seen their share of costs rise more than 50% on average while wages have, on average, risen less than 30%.
If your employer is offering you healthcare, congratulations! Hopefully that means they’re also sharing some of the cost. If they’re not sharing some of the cost, consider the plans they’re offering in conjunction with plans offered on Healthcare.gov. Here, you might be able to find the same or better plans for cheaper as you might also qualify for a tax credit. For a guide to buying healthcare as an individual check out our guide here.
Whether you’re a company of two or 2,002, there’s a health insurance plan available for you and your employees. But it’s not as simple as just going with a group plan. Insurance companies offer different types of plans depending on the size of the insured group, and the larger the company, the better the deal it can negotiate.
Being your own boss has a ton of benefits: your time is flexible, you’re working on what you want to work on, the only drawback is when it comes to health benefits, you’re on your own. Which means you’re paying for 100% of the monthly premium, plus your deductible and any other out-of-pocket expenses. In the past, this may have made it tempting to go without health insurance, but now, there are multiple avenues to buying affordable coverage as a self-employed person. “The Self-Employed Person’s Guide to Buying Health Insurance”
Whether you have employer-sponsored healthcare or you’re looking to buy healthcare on the individual market, there’s a strategy to getting the biggest bang for your buck. Sometimes that’s going with the cheapest available plan, and sometimes it’s going with the plan that covers all of your needs.
If you’ve lost your employer health plan, or if you’re self-employed, unemployed, or your employer doesn’t offer healthcare, you’ll need to purchase a health plan on your own. This used to be a daunting process that required contacting an insurance broker and trusting he or she was signing you up for the best plan to fit your needs.
Open enrollment unlocks options. Each year, you get the option to review and select the best health insurance plan. Don’t be afraid to be selfish and get the most for you and your family. Take advantage of open enrollment to get the most from your healthcare coverage. Here are some tips to maximize your health insurance coverage, while limiting your costs.
“Open Enrollment Tips: Maximizing your Health Insurance”
It’s hardly newsworthy that health insurance and health payments are becoming more expensive. This trend impacts employers, who still pay the majority of health care costs in the US, as well as employees whose share of the total costs continues to increase. This cost sharing occurs in a few components, as well as across insurance formats, the most popular choices being PPOs and HDHPs. Here we will discuss a few of the major factors in deciding to select one over the other.
Moving health insurance plans (or providers) is the most important benefits decisions you will make this year. It affects both your health and your wealth.
Health insurance is designed to deliver medical care and access, with set financial parameters. With that in mind, we will review why this goal can become somewhat convoluted and complicated when selecting a health plan.
Health insurance is a specific type of insurance coverage that covers medical and healthcare expenses. Health insurance reduces financial risk by reimbursing individuals or paying the provider directly for predefined costs in exchange for monthly premiums. Health insurance covers healthcare costs.
Comparing insurance plans is about as easy as deciphering Egyptian Hieroglyphics. The verbose terms and legal jargon might as well be in a foreign language. The language is designed to confuse you. It can mask important cost scenarios that will affect your out-of-pocket expenses.
By this point, you have either read about or experienced the increase in health insurance costs. But what is the real cost of health insurance? How much can you expect to pay for health insurance this year, next year, and in retirement?
As a small business owner, health plan coverage takes your time and money. Every year. Leaving you exhausted and frustrated with health insurance. Properly evaluating health benefits will help unlock more nuanced value from your health insurance. Coupling health benefits with your health plan will get you past the year-to-year loop of increasing costs and decreasing coverage.
Free drinks. Multiple restaurants. Sleep pods. Messages. Lounges. HR benefits feel more like a cruise ship than an office setting these days. As more companies expand benefits offering, in a competitive market, others companies must follow. We are left with a laundry list of benefits – some not worthy of the explanations they require.
In the first two weeks of open enrollment, 1.46 million Americans have signed up for individual healthcare through healthcare.gov. That is a 46% increase over the same period last year. Couple that with the traditional employer open enrollment that is happening in offices all across the country and millions upon millions of Americans are reviewing, comparing, and selecting healthcare over the last and next few weeks.
When Alex & I started Lively, we did everything in our power to keep costs down (and we still are). As a result, when we hired the first two members of our team and put in place health insurance for them, I decided not to enroll in Lively’s health plan because I could get it through my wife’s company. At that time (and in my mind), the decision was simple.
Time, money and employee productivity – three things that drive your business profitability but are often underperforming. See how HSA benefits can improve all three, and even pay for perks like employee massages.
Employee benefits account for nearly one-third of total employee compensation. That’s a big slice of the pie. So, if you make the decisions for your company’s benefits package, you want to clearly understand your options.
And your health insurance is not your health savings account (HSA).
High-Deductible Health Plans (HDHP) can be like the monster under the bed. You need one to qualify for a Health Savings Account (HSA), and the much lower premium is great. However, if you don’t know how to manage your HDHP, it could be very scary.
Remember the days when you only paid $10 or $20 copayments for healthcare? If you don’t, your parents probably do. Employers picked up a big chunk of medical coverage expenses and health insurance plans. Then the bottom fell out.
Today marked a historic day for the U.S. Our 45th president has been sworn into the presidency. Many people are looking to see what Donald Trump and his administration will do with regards to healthcare. While the wheels are in motion to make changes that will impact the Affordable Care Act (ACA), there are many unanswered questions.
“Health Insurance — Key Words That You Should Know”