Is employer-provided health insurance a perk of your job? Discover top trends for 2015 that can affect your workplace coverage.
1. Employee-sponsored health benefits cost more
The average cost of health insurance per worker is rising. According to Aon Hewitt, it averaged 10,266 in 2013, rose to $10,717 in 2014 and is projected to cost $11,304 in 2015, an increase of 5.5 percent. If your employer decided to pass the rising cost onto you, expect to pay an average of $5,000 in health care contributions and out-of-pocket expenses this year.
2. Employer mandated penalties kick in
Companies with more than 100 full-time employees must offer qualified, affordable coverage to their workers. The penalty is at least $2,000 per employee. This penalty will prompt most companies to add health insurance to their employee benefits package, so look out for enrollment information.
3. Personal penalties are due for the uninsured
If you can’t afford your employer-sponsored health insurance and don’t buy your own policy, expect to pay a penalty. The Affordable Care Act stipulates that individual adults without health insurance in 2014 will pay the greater of $95 or one percent of their family’s income over $10,000. While the penalty is capped at $2,448, it increases in 2015. Sign up for your employer-sponsored plan or apply at the Healthcare Marketplace today to avoid this penalty.
4. Consumer-Driven Health Plans are on the rise
Health insurance expenses are rising and so are consumer-driven healthcare plans. Almost half of all large employers offer them now, reports the Mercer consulting firm. Typically, these plans feature high deductibles, but they also offer health reimbursement accounts (HRAs) or health savings accounts (HS As) that cover medical expenses and provides tax benefits. Compare all your options as you choose health insurance.
5. Wellness programs are emphasized
Healthy employees are cheaper to insure, so many insurance companies and up to a quarter of large employers are placing a greater emphasis on wellness programs. That means you could see decreased health insurance premiums or a bonus in your paycheck if you participate in a biometric screening, enroll in a weight-loss program, join the gym or quit smoking.
Now that you know the top health insurance trends for 2015, review your existing coverage or talk to your human resources manager or private insurance agent. Find coverage that fits your needs and protects your entire family.