During these unprecedented times, the challenge of managing the ever-increasing cost of health insurance has become more difficult as additional factors contribute to the number and frequency of claim occurrence due to an:
Employers may not be able to eliminate or control the occurrence of claims. However, employers can implement risk management strategies that help to “transition” or avoid potential claims that drive health insurance premium costs. This strategy requires employee access to information, education, and personal assistance regarding affordable options to employer-based coverage.
Take a fresh look below for personal health insurance options (Short-Term, Affordable Care Act (ACA) or Marketplace and Medicare Plans) that can eliminate claims occurrence from:
Approximately 75 percent of employers require new hires to complete a waiting period of up to 90 days before health insurance coverage begins. For good reasons, laws are in-place to protect individuals from discriminatory hiring practices based on health or pre-existing conditions. At the same time, a growing number of individuals seek employment for access to employer-based health insurance. To “balance” the needs of the new hire and that of the company, Marketplace and Short-Term plans can be used to “bridge” the new hire waiting period gap in coverage.
Employers can also inform employees of personal health insurance options to the continuation of coverage under the COBRA law. The Medicare Rights Center reports that individuals and families choosing to pay the monthly premium to maintain extended access to and use of the employer-based plan under COBRA tend to:
For a variety of reasons, more people are choosing to work beyond age 65, maintaining health insurance through their or spouse’s employer as employee payroll contributions, plan deductibles and out of pocket costs continue to increase.
By 2024, the U.S. Bureau of Labor Statistics project that the labor force will grow to about 164 million of which 25 percent will be ages 55 and older. Employees 65 and older are projected to have a faster rate of annual labor market growth of any other age group…55 percent ages 65 to 74 and 86 percent ages 75 and older. The Kaiser Family Foundation reports that individuals 65 and older are responsible for almost 40 percent of total health spending by age group.
A misunderstood and underused option for the growing number of employees age 65 and older is to exercise their right to choose Medicare as their primary health insurance in lieu of employer based coverage. Medicare plans like Medicare Advantage can provide an attractive, personal option, lowering the employee monthly cost of being enrolled in a group health insurance plan as well as reducing an employee’s out-of-pocket cost. Plans are designed to provide greater levels of coverage and access to benefits like prescription drug, dental, vision, hearing aids, meal, and transportation services at no additional cost.
Oswald Companies and InsureOne Benefits provides unmatched access and advisory on the full range of individual health insurance options.
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.