Adjusting your health benefits could reduce your insurance costs next year.
If you're among the 149 million Americans who get health insurance at work, now may be the time to select your health insurance coverage options for 2015.
History shows that many employees are inclined to stick with the plan they had last year - if that's still an option. But as the price of health care continues to rise, employers are making changes that can impact both your costs and access to care.
'I would say in particular this is a year to pay attention to annual enrollment,' says Brian Marcotte, president and CEO of the National Business Group on Health, a nonprofit association that represents large companies.
Here are six health benefit changes to watch for in your work-based health insurance benefits for 2015.
1. Higher out-of-pocket costs. Insurance premiums - the cost of your health plan that's typically deducted from your paycheck - will go up in 2015, though at a lower rate than in years past.
According to an annual survey by the NBGH, large employers are projecting an average increase in costs of 6.5 percent in 2015. However, by making changes to health benefits, costs are expected to rise by just 5 percent.
Next year, many companies are shifting costs to workers in the form of higher deductibles, copays and co-insurance. And, according to Marcotte, more employees can expect to see 'consumer-directed health plans', among their options for coverage. These policies generally have lower monthly premiums but higher deductibles - cash you'll have to pay for care before getting any help from insurance.
In fact, according to NBGH's annual report, 57 percent of large employers are offering high-deductible plans for 2015; nearly one-third of companies (32 percent) are making these plans the only option. That's an increase of nearly 50 percent as compared with this year.
If you don't go to the doctor much, you may be able to save with a high-deductible plan, which reduces the amount of money that comes out of your paycheck, says Michael Thompson, a health care consultant with PricewaterhouseCoopers LLP. If you go for care frequently, however, you may do better with a plan that pays for more costs up-front.
Most important, Thompson says, is to understand what the worst case financial scenario is with any plan you choose. 'Look at the maximum out-of-pocket expenses, and ask can I afford that. That's a very important consideration for anybody. If you're uncomfortable with the level of risk, go with a plan with a higher premium,' and lower out-of-pocket costs, he says.
2. Changing networks. Changes to provider networks are common from year to year, so you should always check to make sure your doctors participate in the plans you're selecting.
About one-fourth of employers include a plan with narrow provider networks - those with fewer doctors that participate with the plan. About half of those firms offer employees incentives to join plans with narrow provider networks, according to the NBGH survey.
'The most important thing is to know who is in the network because health plans will always pay much more generously toward in-network services,' Thompson says.
Another growing trend among employers is to encourage the use of telemedicine and retail health clinics located in grocery stores or pharmacies. These alternatives to the doctor's office allow you to get quick, convenient care for minor ailments, often at a lower cost.
0 comments on 6 Changes in Work :
Post a Comment and Don't Spam!