Image: Mike Licht under CC 3.0
It’s open enrollment time! That means that employees must weigh their options among the health insurance plans offered by their jobs. Normally, many people like these policies because the employer pays for some or all of the premium–this allows employees to have more generous coverage than they would otherwise be able to afford.
Unfortunately, an increasing number of companies are passing more of the cost onto employees. In addition to higher premiums, there is a shift from comprehensive PPO plans to health savings accounts and high-deductible plans. Coverage for spouses and dependents also costs more.
The most important thing for employees to do is to compare their options. In some cases, skipping the health benefits and buying an individual health insurance plan on the open market may even be a better solution.
Tags: employer sponsored health insurance, group health insurance, health insurance plans, health savings account, high-deductible health insurance, high-deductible health plans, hsa, open enrollment, ppo