Insurance

Do Companies Have To Offer Health Insurance

As healthcare costs rise exponentially, so does the cost of health insurance premiums. Health insurance is a necessity, however, when you consider the costs of a single visit to the emergency room, surgery for a bone fracture, scans, lab and other costs. When your budget is tight, how can you reduce your health insurance premium costs? There are many steps you can take to reduce the costs of health insurance and continue to maintain adequate medical coverage when needed.

The first step is to consider the health insurance options available to you. Does your employer provide a collective medical benefit? Many employers (and / or trade unions) offer health benefits to full-time employees. Group health insurance is usually the cheapest way to get medical coverage. An employer can negotiate with health insurance companies to obtain a group health plan at cheaper rates. Additionally, many employers will pay a portion of the premium, which further reduces the cost of health insurance. Another consideration is whether your husband / wife has health coverage available through the employer? If so, compare your health benefits plan with that of your spouse, and decide which health plan is best to buy. It may be possible for one spouse to have family health insurance coverage and for the other to forfeit their health benefits. Many employers have multiple health insurance options, so review these plans as well. Choose the health plan that best meets your needs at the cheapest price.

In the event that health insurance coverage is not available through the employer, there are other ways to obtain health insurance coverage. Private health insurance policies are available for individuals and families. Shop and compare the benefits and premiums from each health insurance plan. If you and your family are generally healthy, your new Health Savings Account (HSA) may be worth considering. An HSA account is an account that allows you to save tax-free dollars to cover your medical / health expenses. Similar to an Individual Retirement Account (IRA), you are limited to the amount you are allowed to contribute each year; However, with HSA, withdrawals of health expenses are not penalized, and no tax is paid on withdrawal. When paired with a health insurance policy that has high discounts and low rates, HSA might be ideal for you. Save money in Hayel Saeed Anam for debit and co-payment, and you are ready.

For those over the age of 65 or permanently disabled, Medicare is available through the federal government. The original Medicare plan is an 80/20 plan (they pay 80% of eligible expenses and the insured pays 20%) with an annual deduction and a monthly premium. Supplementary health plans are available to cover this deductible and co-payment. These supplemental health plans are usually private and the insured pays a premium. In addition to the Original Medicare Plan, there are Medicare health funds. In these Medicare HMO health plans, a Medicare premium is paid to the HMO to provide benefits to the insured. HMO plans are more restrictive in that patients must obtain care through a network provider, but these plans often cover more prescription medications and preventive care than the original Medicare program.

Some employers have recently offered lower premiums to employees who don’t smoke cigarettes. This is a currently controversial topic for some, but it definitely may start to trend. In the future, employers and health insurance providers could offer reduced premiums to employees who maintain a normal weight, exercise regularly, and receive certain health benefits. Maintaining a healthy lifestyle reduces the risk to a health insurance company that it will pay big dollars in healthcare in the future. Health insurance, like any other, is about risk.

Bottom line: Not being covered by health insurance is a huge risk for you. Find the health coverage you can afford if Murphy knocks on your door!

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