The findings of an Aon Hewitt study are showing that the average per-employee cost for health insurance will increase beyond the $10,000 mark in 2012, regardless of the fact that costs are rising more slowly than the current 2011 rate of 7.5 percent. The rate for healthcare premiums is expected to increase by 7 percent, but the actual cost of premiums for each employee is forecasted to be over $10,400. When compared to the 2010 figure of less than $9,800, the 2012 is notably higher. Workers will be responsible for…
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Enrollment rate for employer offered health insurance plans is on the rise, according to Mercer
Despite reports that employers will be making cuts to the health care benefits they offer to workers as the Affordable Care Act becomes fully established in 2014, Mercer, an acclaimed consulting firm based in New York, says that quite the opposite will happen. According to Mercer, enrollment in health insurance plans offered by employers is increasing. The consulting firm surveyed a wealth of companies throughout the nation and found that the vast majority of them were bent on continuing to provide their workers with health care benefits. According to Mercer’s…
Read MoreThe criteria that states must meet for health insurance exchange marketplace
The Department of Health and Human Services (HHS) is awarding 13 states as well as Washington D.C. a total of $185 million to help to fund the planning and creation of the state-based insurance exchanges that are required by the federal healthcare overhaul. Each will receive a different amount as their portion of the total. For example, California will receive $38 million in order to create its exchange. The governors of the recipient states received a letter from secretary Kathleen Sebelius of HHS, which described the various options and resources…
Read MoreStates decide if large businesses can use health exchanges
According to the regulations for health care reform issued by the federal government, the authority over whether or not large companies can buy coverage through the new health exchanges will be given to the states, beginning in 2017. These state health exchanges are to play a central role in the Patient Protection and Affordable Care Act. The first wave of availability will begin in 2014, when it will become available to businesses with 100 employees or less, and individuals; particularly those who qualify for subsidies for federal health insurance premiums.…
Read MoreForecast predicts a third of companies will cut health benefits
A new study from prestigious consulting firm McKinsey & Company suggests that as much as 30% of the nation’s employers will be making drastic changes to the insurance they provide to their employees. The firm suggests that the more these companies learn about upcoming insurance changes stemming from last year’s Affordable Care Act the more likely they are to make such changes. The study anticipates that these businesses will cease offering health care benefits or restrict access to such benefits to a select few in their service. If the study…
Read MoreMedica gets ahead start on the digital insurance market
Medica, a health organization that provides insurance to Wisconsin and Minnesota, has announced plans to launch a new plan for businesses that will give them an opportunity to rein in soaring medical costs. The new plan will also allow policyholders more freedom in tailoring their plans to better suit their needs. The plan, however, will be more expensive than its counterparts, a fact that does not sit well with some consumers who say the last thing people need in a troubled economy is more expensive coverage options. The insurer has…
Read MoreNew Jersey: Government run health plan looking to close their doors
In New Jersey, hundreds of cities and school districts have saved a fortune by taking part in the state’s relatively unknown benefits program. For the past three years, an increasing number of people are dropping the insurance policies they bought from big name companies in favor of the state’s program. Some legislators are looking to change that by proposing a new bill that could severely inhibit the program. Stephen M. Sweeney, the State Senate president, is proposing legislation that would prohibit the state run insurance program from accepting new members.…
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