When a business chooses to offer its full time employees health insurance, the employer must contribute a certain amount toward the monthly cost of that group plan. The minimum contribution is typically 50%, and some larger companies may even pay the full premium for their employees. When there are several plan options from which to choose, the employee may elect to receive coverage from a health plan which offers richer benefits than the basic plan. In that case, the employee will be charged for the cost difference of the higher-priced plan.
Most companies will not contribute toward the premium for health insurance coverage for an employee’s dependents. The employer must make such coverage available for the employee’s family members, but the cost of this additional coverage is usually the employee’s responsibility. However, the rates for adding a spouse and/or children to an employee’s health insurance plan are sometimes unaffordable for many families. This financial hardship sometimes leads to inadequate or no health care coverage for dependents.
If the employee’s dependents are healthy and have no pre-existing health conditions in their medical records, they could possibly qualify for an Individual Major Medical Plan for a more affordable rate. This is especially true if those dependents are young, or if the family selects a plan with a higher deductible. Healthy dependents can lower their price even more if they choose not to include certain benefits like doctor visit copays and prescription drug copays.
On January 1, 2014 a key component of the Affordable Care Act will go into effect. Americans will be required to have health insurance, or they will be assessed a penalty. Each year the amount of the fee increases from the previous year.
There will be an “Open Enrollment” for health insurance through Federal and State Exchanges (or health insurance marketplaces), beginning in October, 2013. A variety of health plans with different deductibles and benefits will be offered through major health insurance carriers. It’s a good idea to consider your situation, benefit needs, and budget limits now.
An independent insurance agent can help you objectively compare options for your family’s situation. AustinHealthPlans.com has nearly 200 different options to choose from, offered through 8 major health insurance companies. Call us at: (512) 535-3556 or send an e-mail to: firstname.lastname@example.org. We’ll provide you with a fast, free quote comparison of plans that will best suit your situation.