How To Best Handle Health Insurance Plan Changes
Many economists have suggested and recent economic data indicates that the economy is steadily moving in the right direction. A combination of several factors has no doubt had a negative impact on the economy over the last several years.
The recent state of the economy, combined with the increasing cost of healthcare, has made it difficult for all size employers to continue to offer the same level of employee benefits. In the case of health insurance, future plan modifications may be necessary over the next few years.
After much consideration, these modifications may take the form of increasing deductibles, out of pocket maximums, office visit copays, and prescription copays. Employees may also be required to increase their contribution amount. A vast majority of employees understand the current strain facing employers. Employees are particularly aware of the difficulties faced by medium and small business owners.
If you find that plan changes are inevitable, several aspects are very important to pay attention to when modifying your group health insurance coverage. Modify the parts of your plan that provide a savings while having the least impact on your employees. Make sure the changes are fair to both the employer and employee. Develop and execute a strategy that clearly communicates the plan changes as well as the reasons for the changes.
When the outlook for your business does improve, your organization's ability to capitalize will greatly be dependent on your ability to attract and retain productive employees during difficult economic times.
Michael Ertel is the President of Ertel & Company, Inc. and has over 15 years of experience in the health insurance business. He is the founder of http://www.MedicalInsuranceNow.com which is an internet based service that assists individuals, families, and small business owners by providing side by side comparisons of health insurance alternatives and the convenience of applying for health coverage online.
How Does Credit History Affect Car Insurance Rates?
Many personal car insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new car insurance, keep in mind that many insurers are ...(related: Insurance)
Why Should I Go To A Life Insurance Broker?
A life insurance broker is a dedicated person that encourages and listens to the needs and wants of a person looking for life insurance. It doesn't matter what type of life insurance you are looking for, whole or term life. A broker will be able to find suitable rates for you to choose from. When you contact a life insurance broker, you can get the life insurance you need from a company in another city or state that you probably never even heard of.There are many benefits to dealing with a life insurance broker when you want to purchase a life insurance policy. The broker is familiar with the requirements of many different companies and knows which ones he/she can contact to get you the best rates on life insurance. It does not cost anything extra to use a broke...(related: Insurance)
What Is Life Insurance?
Life Insurance is an insurance policy that provides an agreed amount of cover over an agreed term, so that should you die during the policy term, a lump sum is paid out. Life insurance is co...(related: Insurance)
Health Savings Accounts (hsa): Do I Still Submit My Bills To Insurance When Using Hsa Money?
The Health Savings Account (HSA) is becoming well-known as an incredible tool to reduce health insurance premuims and still provide good security for healthcare emergencies.This article is about submitting your medical bills while you are still under your insurance deductible, and what to consider before doing that.Generally, submitting your documentation to your insurance company even when you are paying with HSA money is still a good idea.I say this for two reasons.First, if you using servic...(related: Insurance)
Finding Term Life Insurance Online
What exactly is Term Life Insurance?Term life is a form of life insurance where you're covered for a number of years - the number of years is called the term. Term life insurance policies can be for as long as 30 years or for 20 years, 15, 10 or 5. After those years the policy can either be over or it can be renewed at a higher price based on your age at that time.What's the best way to utilize term life insurance?Term life is very good to have a lot o...(related: Insurance)
What Is Consumer-driven Healthcare?
Consumer-driven healthcare is a label that we've put on a movement in America to change the way decisions are made in our healthcare system. Instead of insurance companies making all the decisions about how people will receive their healthcare, consumers are taking back the power over their own lives.Likewise, the days of a patient totally putting their lives into their doctor's hands are over. People don't trust doctors to always do the best thing. How could they? The doctor does not know the situation as well as the patient. It must be the patient's choice, and they must be making an informed choice, not one based on a five minute...(related: Insurance)
The Life Insurance Policy And Its Best Kept Secret
Do you love someone deeply enough to spend your hard earned dollars on a life insurance premium -- month after month?After all, the benefit from a life insurance policy isn't for you. It's for the ones you love, but after you've gone.Life insurance is money paid to those who rely on you today to give them a secure standard of living, which they can lose in a heartbeat.This is money when they need it the most ... with no income tax or publicity.Buying a life insurance policy can be challenging because it isn't an easy subject matter to begin with.Most people get somewhat confused about how it works and whom they can trust enough to make t...(related: Insurance)
Understanding How Your Credit History May Affect Your Car Insurance Coverage
Many personal auto insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new insurance, keep in mind that many insu...(related: Insurance)
Health Insurance Online - Save Today
It is now possible to thoroughly research and buy health insurance online. Without health insurance, the smallest of incidents, accidents, or illness can leave you with expensive medical bills that most people would have difficulty paying. Even a short check up at the doctor's office for a sore throat, or minor illness can cost a couple hundred dollars. It's important for everyone to obtain health insurance, no matter how healthy you tend to be- because you simply cannot pre...(related: Insurance)
Reducing Soaring Insurance Claim Costs
With the soaring rise in claims to insurers from their customers, millions of pounds are being lost on a day to day basis throughout the industry in regards to personal property insurance. A new system in the UK provides insurance companies with an easy and effective method ...(related: Insurance)
Terrorism Insurance - What It Costs Small Business
The Terrorism Insurance Act of Nov. 26, 2002. This helps businesses who must have insurance from being denied, which would kill those businesses. Our General Liability Insurance Numbers have jumped about $100-300 depending on the market area. But if you consider that there have been no terrorist attacks since 9-11 this is high. For instance you are 500 times more likely to incur hail damage in Colorado than you are to get car jacked by a terrorist if you are driving a fuel truck. The trucker...(related: Insurance)
5 Strategies To Reduce Your Car Insurance Premiums
Your latest car insurance bill has arrived and it is not a pretty site. In fact, it is downright ugly! What can you do? Must you remain hostage to the ever spiraling rate increases foisted upon you when your policy renews? In a word, no. Let's examine five strategies you can practice today to help reduce your car insurance premiums immediately.1. Shop For A New Policy. Even with "loyalty discounts" in place, many consumers will find that a competing company will offer significant savings over your current plan. This especially holds true if your state recently opened up the market to invite more competition in.2. Change Your Coverage. If your vehicle is old, you many want to consider dropping collision coverage. Your comprehensive coverage may also be due for reexamination. Fin...(related: Insurance)