Workers’ Health Insurance Info

If you lost your health insurance because you got fired from your job, you could qualify for individual coverage. You could get this under the benefits provisions in the plan or policy or from the Federal law mandated COBRA extended coverage. This is limited to 18 months normally, 29 months if you are disabled, or 26 months if you are a spouse or dependent of a deceased insured or divorced from an insured. If you have any questions, you could contact your union or association representative or your company’s benefits office. You could also ask any insurance agent for further clarification.

The third type of managed care plan aside from HMO and PPO is the POS Plan. A Point-of-Service or POS Plan is a hybrid of the Health Maintenance Organization or HMO Plan and the Preferred Providers Organization or PPO Plan. In POS, the primary care doctors will make referrals to other providers included in the plan. If a member chooses to leave the network, the POS plan will pay for a set amount of the bill. These kind of plans costs more than HMOs but they are more flexible because you could call a doctor on your own whenever you want and even if your primary care physician doesn’t.

Preferred Provider Organizations or PPOs is a type of managed care plan that has arrangements with doctors, hospitals and health care providers who accepts lower fees from the insurer for their services. This would make the costs lower that those found outside the network, however you could also go out of the network if you want to. Also, plan members can refer themselves to other doctors even those outside the plan. If you go to a doctor with the network, you may pay a copay or a set amount for certain services. If you go outside the network, you will pay a deductible and coinsurance based on higher charges.

If you are self-employed, a freelancer or if your company does not provide insurance, you should purchase your own health insurance. By doing so, you protect your health against any emergencies that may happen in the future. You would also have peace of mind and perform well in your work.

In purchasing your own insurance, you would be able to choose your insurance company and pick a plan that fits your specific needs. However, take note that coverage and costs varies between insurance companies so you must research first before buying. In looking for health insurance, consider the following: medical services covered, benefits paid, and costs of deductibles and conisurance.

Contrary to popular belief, the law does not require businesses to provide health insurance to its employees. However, the Federal Health Insurance Portability and Accountability Act of 1996 which took effect last January 1, 1998 states that there will be a continued availability of health insurance for those who already have coverage through employment. This is for all employees regardless of their current medical condition. Because of this, even though businesses are not obliged to offer health insurance, once health insurance is purchased, it will remain available throughout their stay at the workplace. This holds true even in employment situations governed by collective bargaining agreements.

In order for you to pick out the best health insurance plan for you, first you must find out how the following health care services are handled: hospitalization (elective and emergency), emergency room treatment, hospital services (outpatient), surgery (inpatient and outpatient), specialized treatment, prescription drug coverage, diagnostic X-ray and lab tests , office visits, ob-gyne care, home health care, maternity and well-baby care, physical therapy and rehabilitative care, chiropractic care, vision care and dental services, skilled nursing, private-duty nursing, mental health counseling and care, substance abuse services, hospice care, and durable medical equipment. If you have other needs, research on what treatments and services best suit you and find out if these are included in your health plan.

Health insurance expenses are growing fast. In 2007, premiums for employer-based health insurance increased at an average of 6.1%. Small employers experienced an increase of 5.5% in their premiums. Because of this, workers contributed 10% more than what they did in 2006. Also, the annual premiums for family coverage surpassed the gross earnings of a minimum-wage worker. According to research conducted by the Kaiser Family Foundation and the Health Research and Educational Trust, premiums in the US have been rising four times faster than worker’s earnings since 2000. If this trend does not change, it is expected that health insurance costs will exceed profits by this year.

According to studies conducted by State Health Access Data Assistance Center at the University of Minnesota, workers with job-based coverage for their families have an increase of 3% in their incomes however their health insurance premium contribution rose to 30% during the years 2001 until 2005. During the same years, the average cost of coverage increased from $8,282 to $10,278. This means that there is an increase of nearly $2,500 all over the nation. The study showed that there is a need for controls on rising costs of hospital care, medical devices and drugs. It should also encourage lawmakers and regulators to give insurers more freedom to offer plans with fewer mandated benefits.

by Andrea

Once you’ve appraised each and every employee, verify or confirm with your insurance agent to give you  the most cost-effective group health insurance plan for your organization. Cease your group health plan consultations into high gear today by announcing it to the company and you’ll see that employees will be working their ass on that day. In one way or another, informing your employees on this agenda will give the better perspective since this concerns about them. Make sure that when everything is settled, the Human Resources representatives will discuss highlights of your group health insurance plan for everybody’s knowledge.

by Andrea

The Employment Cost Index or ECI is a national survey of labor expenditures in private and public businesses or institutions organized quarterly by the Bureau of Labor Statistics. ECI was formed in the mid-1970s to track changes in the costs of employment.  Later some modifications were added on health and other fringe benefits. The data gathered are for job categorization, rather than for individual employee. Jobs are sampled relative to their dominance at the establishment.  ECI suggests that separate wages and benefits should be given for instance to miners, engineers, and truck drivers. Salaries should always equate depending on the difficulty of the job responsibility.