Why Losing Your Group Health Benefits Can be Great News
You’ve landed a new opportunity, and you’re evaluating the offer to decide if a job change is right for you. Or, maybe you’re not so lucky, and you’re desperately seeking to get out of the unemployment rut and have few choices. Either way, evaluating your benefit package is an important part of assessing the advantages and disadvantages of your job. Understanding what benefits–if any–are included with your job offer and your out-of-pocket costs is important. Unfortunately, this assessment might not bring good news because today’s employers are reducing coverage from all angles. Worse yet, you might even experience reduced coverage with your existing employer.
Health care costs are rising, and with this increase, employers are not providing benefits like they used to. Decades ago, benefits packages were attractive for potential employees. Expansive health insurance coverage, combined with life insurance packages, accident and disability coverage and more, made benefits an important factor to consider when choosing to accept or reject a job offer. At the time, employees relied on these benefits and expected them even as they moved from one job to the next.
Today, however, many of these attractive features are gone. Employees are lucky to receive health insurance coverage at all. For many employers, offering accident and disability coverage, along with life insurance, is a thing of the past.
This dramatic and historic shift in health care coverage is, in part, due to the rising costs of health care, which falls largely on employers’ shoulders. Since 2006, the cost for an employer to have just one employee covered under its health care plan rose 40 percent. This increase resulted in a whopping $13,000-per-employee expense for employers. Projections indicate that these already high costs will continue to skyrocket, making it even more challenging for employers to continue to provide health care coverage.
Impact of Obamacare
The Patient Protection and Affordable Care Act–Obamacare has had an enormous impact on employer health care coverage. About 163 million Americans receive employer-sponsored health insurance coverage today. However, part of PPACA provides subsidies for families to receive health insurance without any employer contribution. Now that individuals have an alternative to employer-sponsored coverage, employers are rethinking their decision to provide health care, which is a major expense for any organization.
In fact, changes are already afoot. After the PPACA took effect, UPS decided to drop some of its employees’ spouses from its health care plan. Other companies across the country are making similar moves, shifting the expense of health care costs to the employee. With so many change in today’s health care marketplace, protecting yourself and your family is essential.
Don’t rely on your current or future employers for health care coverage in these changing times. You have a wealth of health insurance options today, and what coverage your employer offers if any might not be the best fit for your family.
Even more, when you’re relying on employer-sponsored insurance, your coverage will always hang in the balance. Will your employer follow UPS’ lead and drop your spouse from the plan? Will your employer decide to stop offering health insurance coverage next year? When you take control of your coverage, these questions don’t have to keep you up at night.
Public exchanges are government-subsidized plans established through Obamacare. How much you pay depends on your income level, which means that public exchange plans are not the right fit or the most economical for all families. Private exchanges such as JibeHealth, www.jibehealth.com are possibly the best option in today’s changing health care marketplace, giving you even more choices than public ones including carriers like Bluecrossbluesheild.com Atena.com, Humana.com, Unitedhealth.com, Coventry, Cigna and many others.
Private exchange platforms allow you to choose coverage that truly fits your lifestyle. These plans can expand your provider network, allowing you to find physicians that fit your unique health care needs. Because these plans are PPOs Preferred Provider Organization they allow you to tap into a broader physician network, one that can even cross state lines.
Jibe Health Inc. all rights reserved 2015