If you are employed, and your employer provides some form of healthcare insurance, you are fortunate, and probably don’t understand why so many people are upset at ObamaCare. That’s because, typically, your employer is subsidizing the cost of your insurance and you only pay a portion of it. Even so, you have your own challenges with increasing premiums, increasing deductibles, reduced coverage and ever-changing plans. Here’s what you need to know:
As soon as your employer announces the open enrollment period (usually the month of November each year), start examining the options available. See this page for “How to evaluate and compare insurance plans”
Consider ways to reduce costs
Health Savings Accounts
HSA’s or Health Savings Accounts allow you to put aside some money each month toward’s your medical expenses. Like a 401K, it is pre-tax, so it increases the savings. And the money is your to use for qualifying medical expenses (it’s a big list) until you need it. See this page for more information about HSAs.
Some employers and some insurance plans offer incentives like cash, reduced premiums or prizes if you meet certain health goals like stopping smoking, joining a gym or losing weight. Check with the HR department.
Consider higher deductibles
If you and your family are generally healthy, you need to figure out whether those low deductible plans are really worth it. Sometimes, a higher deductible, with a lower monthly premium saves you money, even if it means you pay some costs out of pocket.