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.
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%.
When you’re comparing healthcare plans it can be difficult to decipher what your actual annual cost will be. Unfortunately, you won’t know for certain how much you’re going to pay each year because like anything, what you pay for medical services will largely depend on the services you need. But here’s an overview of the four most common health insurance costs you should be aware of.
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.
HSA consumers make thoughtful choices when it comes to healthcare spending.
A recent survey of over 1,400 participants revealed that HSA participants are more savvy healthcare consumers as it relates to healthcare concepts and savings. This includes healthcare terms and documentation. Basically, navigating the jargon in the health space to find better (and more efficient) savings.
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?
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.
Rising out-of-pocket health costs and limited policy change will shape the consumer health experience in 2018. Healthcare coverage and services will be more expensive this year as an acceleration of trends from 2017 continue. There are a few positive trends that will help save you money. Generally speaking, we are simply left doing more with less. This is our 2018 healthcare report.
Open enrollment means options. You are given time to compare, review, and select your healthcare plan based on your expected needs. From there, you can add auxiliary benefits and health savings tools, like the HSA, to better optimize your cost and benefits experience.
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.
Health insurance is the most valued of employee benefits. Studies find we will even consider switching jobs for better coverage. But despite our priority on health insurance, do we really understand what we are buying? Generally, no.
“Am I OK, Will I Be OK?” And Other Questions Open Enrollment Cannot Answer, But May Help
Open enrollment is here. While many see the annual ritual of reviewing current health coverage and studying upcoming benefit changes as yet another chore, multiple research studies, backed up by behavioral theory, suggest something larger is at work. Your choices create a financial wellness generator capable of building long-term security for you and your family.
There is a lot of healthcare jargon that further complicates and confuses us during the open enrollment period. We will help you remove that confusion so you can better review, compare and select health insurance plans during this open enrollment season.
Lively is pleased to team up with American’s health companion, Candor, to make Health Saving Accounts (HSAs) eligibility and enrollment easier and clearer than ever. Lively is a modern HSA platform for individuals and employers. And Candor is the health companion that enables Americans access to the solutions they need to achieve a state of complete physical, mental, and financial success.
Effective today, November 1, 2017, healthcare open enrollment for 2018 has arrived! This year, open enrollment for the health insurance marketplace is a bit shorter than in previous years. The good news is, we are here to provide the crucial details you need to get healthcare coverage in 2018.
It’s the busy time of year for all benefits managers and HR experts – like tax season for accountants. As part of that, we wanted to review the goals and considerations of open enrollment and take a new approach to the classic employer problem – balancing increasing benefits costs with value.
Open enrollment is right around the corner, or for many of us, it has already started. Open enrollment is a perfect time to review your health insurance considerations. Not just because it’s required, but because healthcare costs are a top expense for many US households. Finding the best health insurance plan for yourself or your family could save you money, time and finally grant you peace of mind for all your health expenses.
Isn’t it so great when something just automatically happens for you? No effort, no time wasted, no cornering thoughts. Things go as expected and you can just forget about it. An HSA just might be the easiest and best thing you can do for your health.
The most common criticism of HSAs is that they don’t help pay for medical expenses and as such, they are often pigeoned holed as a great savings tool for the young or wealthy, but not help for the average American. We think this is mostly a misconception. Let me show you how to use an HSA, even if you can’t make regular contributions, due to financial constraints.
HSA benefits are not only measured in financial gain, but also in the unique ability to create flexibility in a stringent healthcare market. With an HSA, you can save for today and tomorrow.