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October 2013

October 29, 2013 by  
Filed under Newsletter

News Bulletin For October 2013
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Alternative To Dependent Group Coverage

Maintaining coverage for dependents (spouses, children, domestic partners) can be cost-prohibitive for many employees on your group coverage. Oftentimes an individual plan for their dependents is less expensive and a better value than adding them to the group plan. Click the link below to begin research for lower cost dependent coverage. 


 
 

Healthy Kids

Healthy Kids provides no-cost, low-cost and full-cost health coverage options for uninsured Oregon children and teens up to 19 years of age.

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The world of benefits is constantly changing.  Keeping up with all of the new health insurance regulations is a full time job even for your broker.  We have condensed volumes of reading into this short briefing.  The following articles are a few of the highlights of what we have been following.

AFFORDABLE CARE ACT – PREMIUM ASSISTANCE CREDIT VIDEO OVERVIEW 

Congress has provided an insurance subsidy in the form of a tax credit or premium reduction to help qualified lower-income individuals and families pay for the cost of the insurance. This video link provides an overview.

SMALL BUSINESS HEALTH CARE TAX CREDIT FOR SMALL EMPLOYERS   
The Small Business Health Care Credit is designed to help employers provide health insurance coverage to employees. The credit can be up to 35% of employer paid health insurance premiums; eligible tax-exempt employers may get a 25% credit.  The link below is a good resource for our small business clients. As always, we recommend you consult a tax professional for final determination.

EMPLOYER HEALTH BENEFITS –
2013 SUMMARY OF FINDINGS
 

Employer sponsored insurance covers about 149 million non-elderly people. To provide current information about employer-sponsored health benefits, the Kaiser Family Foundation and the Health Research & Education Trust conduct an annual survey of non-federal private and public employers with three or more workers. This is the fifteenth survey and reflects employer sponsored health benefits in 2013.

Some interesting findings:

  • 58% of covered workers at small firms (3-199) now have a deductible of $1,000 or more
  • 77% of firms offer at least one wellness program
  • In 2013 the average annual premiums for employer-sponsored health insurance are $5,884 for single coverage and $16,351 for family coverage
  • Covered workers contribute on average 18% of the premiums for single coverage and 29% of the premiums for family coverage
  • Workers in firms with a higher percentage of lower-wage workers contribute higher percentages of the premium for single coverage (23% v. 17%)
  • The average annual premium contributions in 2013 are $999 for single coverage
  • PPO plans remain the most common plan type, enrolling 57% of covered workers
  • Among covered workers with a general annual deductible, the average deductible amount for single coverage is $1,135
  • For In-Network office visits, covered workers with a copayment pay an  average of $23 for primary care and $35 for specialty care

Summary of Findings

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