Posts Tagged - ‘employer-based health insurance’

Newer Entries »
Post border

Adult Children On Health Insurance Plans? Not So Fast

Tuesday, June 1st, 2010

Image: gcoldironjr2003 under CC 3.0

Although Secretary of Health and Human Services Kathleen Sebelius has asked health insurance companies to extend coverage to adult children until the age of 26–who would otherwise age out of their parents’ plans or become ineligible upon college graduation–immediately, they aren’t legally mandated to do so until the first plan year beginning after September 23rd.

Actually, most health insurers have agreed to do so. It’s the employers who are holding out until the last minute. Most corporate health insurance plans don’t renew until January 1st. That leaves newly minted university graduates in the lurch for several months.

Even those companies who are willing to retain existing coverage won’t let young adults whose coverage previously lapsed re-enroll until next year.

Tags: , , , , , , , , ,
Posted in Reform & Regulation | No Comments »

Post border
Post border

Eligibility For Exchange With Employer-Based Health Insurance

Friday, May 14th, 2010

Image: Alex E. Proimos under CC 3.0

The affordable health insurance exchanges created by the healthcare reform law are mainly intended for those who are unable to receive coverage through their employer.

However, there are several exceptions for people with employer-sponsored group health insurance. They can receive subsidies to participate in the insurance exchange market if:

  • The share of the premium that they are expected to pay exceeds 9.5% of their income, and/or
  • The employer’s plan covers under 60% of medical costs.

Tags: , , , , , ,
Posted in Advice | No Comments »

Post border
Post border

Will Your Large Employer Extend Group Health Insurance?

Wednesday, May 5th, 2010

Image: josh.liba under CC 3.0

Many large private-sector employers self-insure. That means that instead of buying group health insurance directly from providers, they let insurers administer their health benefits, while paying the claims themselves.

As a result, they are not necessarily following the providers who have decided to extend coverage to adult dependents until the age of 27; the healthcare reform law doesn’t force them to until the start of their next plan year.

Experts have not heard of any major corporations making changes to their health insurance plan’s eligibility yet. Rather, they are trying to decide whether or not to charge additional fees to young adults joining or rejoining their parent’s coverage.

Tags: , , , , , , , ,
Posted in Group | No Comments »

Post border
Post border

Consider Health Insurance Benefits In Job Search

Thursday, April 22nd, 2010

Image: Photomish Dan under CC 3.0

These days, many people are in search of work. If you’re lucky enough to receive several job offers, it’s important to weigh more than just salaries.

The health insurance plan is an essential part of the benefit package. On average, employers pay 82% of the individual’s premium and 71% of the family health insurance premium.

Of course, if the difference in pay is significant, it may be a better idea to take that job and buy your own health insurance plan, especially if you don’t have pre-existing conditions.

Tags: , , , , , , ,
Posted in Advice | No Comments »

Post border
Post border

COBRA Health Insurance Still Available

Monday, April 5th, 2010

(Image: RussBowling under CC 3.0)

Some individuals are worried that the sweeping healthcare reforms recently passed will negatively impact their COBRA insurance. COBRA allows unemployed individuals and their dependents to maintain health insurance coverage through their former employers. Since the business no longer subsidizes part of the premium, it is more expensive. However, it is better than nothing–and has often been the only option for those with pre-existing conditions.

As it turns out, affordable health insurance reform leaves COBRA pretty much unchanged. The initial bill in the House of Representatives’ would have extended it until 2014, as opposed to the current 18 months–the Senate bill that passed, though, does not do so. The COBRA subsidy enacted as part of the stimulus package is about to expire, but it may be passed again by Congress.

Tags: , , , ,
Posted in Reform & Regulation | No Comments »

Post border
Post border

Dependents To Lose Group Health Insurance Coverage?

Friday, March 26th, 2010

(Image: jeanbowe under CC 3.0)

Some worry that health insurance reform will have some inadvertent impact. Specifically, it could leave a previously insured population uninsured: dependents of employees, who currently receive coverage from their spouse’s or parent’s employer.

Why would this be the case? In 2014, firms with over 50 employees will have to provide coverage to their full-time employees or pay a $2,000 fine per-employee. Since the bill requires insurers to cover pre-existing conditions and prevents them from rescinding policies once a person becomes ill, health insurance rates may go up in the short run. The employer and individual mandates are supposed to mitigate that impact by increasing the size of the insurance pool, but that doesn’t stop companies from worrying about costs.

In order to save money on group health insurance, many employers may choose to drop coverage for dependents, which isn’t forbidden in the legislation. Ironically, one of the immediate benefits of healthcare reform that has been touted is that adult children can now remain as dependents on their parents’ insurance plans until they turn 26. If that coverage is dropped, it’d put them back in the same predicament.

Tags: , , , ,
Posted in Group | No Comments »

Post border
Post border

Warren Buffett Supports Healthcare Reform

Tuesday, March 2nd, 2010

(Image: Art Comments under CC 3.0)

In the business world, fewer people are more well respected than Warren Buffett. His financial acumen is world renowned; when he speaks, the market listens. So how does he feel about healthcare reform, an issue that will have a major impact on the American economy?

He is in favor of some changes. According to Buffett, the crushing expense of group health insurance makes U.S. businesses less competitive in the global marketplace. Most other industrialized nations have at some form of socialized medicine, so their employers aren’t directly saddled with that burden. For a higher percentage of the nation’s GDP, American corporations get:

  • fewer doctors per capita
  • fewer nurses
  • fewer hospital beds

By no means is he a total booster of the plan proposed by Democrats. Buffett believes that cost control should play a far greater role than it does in the current legislation. However, he thinks that passing the health insurance bill and fixing it later through amendments is preferable to doing nothing at all. In effect, he’s pretty much shilling for reconciliation.

Tags: , , , ,
Posted in Issues and Opinion | No Comments »

Post border
Newer Entries »