Many people assume that individual health insurance, which is insurance you purchase on your own, is more expensive than group health insurance, which is a policy an employee gets through their company. So how much does individual health insurance cost? How does it stack up against company-based group health insurance? Data shows that individual health insurance is, on average, more affordable than group coverage. Furthermore, the passage of a new federal law in 2016 created a third health insurance option for small businesses to offer their employees that can help businesses fix their health benefit costs.
Rising health insurance premiums and out-of-pocket expenses are having a considerable impact on Americans. In 2012, the Kaiser Family Foundation found that increasing costs led roughly half of American families to cut back on medical care in the previous 12 months. Of those surveyed, one-third used home remedies and over-the-counter medication in lieu of an office visit, another third skipped dental care altogether and 28 percent postponed needed treatment. Since early prevention and detection is always preferable, such decisions to forego necessary services can lead to negative consequences healthwise and financially. The following provides clarity on American healthcare expenditures and highlights the need to find solutions to these soaring costs.
With the 2016 Obamacare open enrollment period right around the corner, all eyes are on which plans will be offered in the Health Insurance Marketplaces, and whether costs are going up or down. So far, 11 states have announced their 2016 proposed rates and the premium increases are surprisingly modest.
Individual health insurance is more affordable than group health insurance. And as of 2014, individual health plans must cover all individuals regardless of health and new subsidies are available for qualifying employees. With these advantages, why wouldn't a small business structure their health benefits using individual health insurance? It stretches health benefits dollars farther. Here's a look at how the two types of health insurance work, and why individual health insurance is more affordable than group health insurance.
As a small business owner comparing health insurance options, you may be wondering how much ObamaCare premiums cost. In 2014, the average ObamaCare premium cost $346/month before federal subsidies, and $82/month if you received federal subsides. Of course, what you and your employees will pay for coverage depends on a few factors. Here's a look at the cost of individual health insurance through the ObamaCare Marketplaces.
The average cost of health insurance in America varies significantly by how you get your health insurance (ex: through work or on your own) and how much your household earns. Here is a look at the average cost of health insurance in 2014.
Now that the Affordable Care Act (ACA) has been in full swing for a year, the biggest question is how will the premium costs compare to last year? A recent Kaiser Family Foundation (KFF) analysis helps answer that question. The answer? It depends a lot on what part of the country you live in.
The Health Insurance Marketplaces are open for enrollment and you may be wondering what your health insurance premium and tax credit will be. Or if you're a small business owner adopting employer-funded individual health insurance, you may be wondering how much employees will pay for health insurance. One way to do this quickly is with the updated Kaiser Family Foundation (KFF) calculator. Here is a look at the updated 2015 calculator, and a breakdown on how to use it.
Many small businesses are forgoing offering healthcare benefits to their employees due to the rising costs of group health insurance. This puts them at a disadvantage when trying to recruit and retain key employees, as healthcare benefits are an extremely desirable part of most compensation packages.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.