Is your Employment based medical insurance too expensive? « Health Insurance Advisory

Is your Employment based medical insurance too expensive?

Author: Allan Z - Founder Editor | Oct 22 2011 | Family Medical Insurance Plans, Individual Medical Insurance Plans

Many working individuals depend on employer sponsored group health insurance, yet as the cost of health care and medical insurance continue to escalate, employers have responded by increasing deductibles, copays and out of pocket maximums, and shifting more of the premium to employees. This has especially impacted employees covering their dependents, as the average premium for family coverage nationally has just exceed $15,000. Could individual medical health insurance be an option for you?

A Kaiser Family Foundation study found the average annual premium for family coverage under employer sponsored group health insurance increased 9% in 2011 over 2010. However, premiums have risen 134% since 2000! Employers generally pay nearly three quarters of the premium.

Wal-Mart, the largest U.S. retailer and private employer just announced they will no longer offer group health insurance to new part time employees working fewer than 24 hours a week, and those employees that use tobacco will pay more for medical insurance. Additionally, company deposits into employees’ healthcare expense accounts will be cut by 50%. The changes take effect Jan 1, 2012.

Other mega corporations are also making big changes to their group health insurance plan to reduce expenses. Following General Electric’s lead, Wells Fargo Bank recently communicated to employees they will have only two health plan choices. A high deductible health plan paired with a Health Saving Account or a traditional PPO medical insurance plan.  But, Wells Fargo is not putting up any money toward the Health Saving Accounts. Workers will be required to fund their own account or be forced to pay a higher insurance premium for the traditional PPO medical insurance plan.

Changes in the employer group health insurance market present an opportunity for those individuals that have seen the cost of employer sponsored medical insurance skyrocket or have had their medical insurance plans cancelled. Rates for an individual medical health insurance are very competitive and can be an excellent alternative to employer sponsored group health insurance. Generally speaking, an individual medical health insurance plan is often less expensive, especially if the employer has had a high claims utilization because of an older and less healthly workforce.

For low cost medical insurance, including high deductible health plans and Health Saving Accounts visit healthinsuranceadvisory.org. Our mission is to help Americans find and secure inexpensive health insurance, regardless of health status.

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