Just got my Health insurance renewal package in the mail today for my employees.
For the comparable package to what I already have, that conforms to the ACA mandates, premiums are going up 81.6%. The proposed healthcare package is mostly the same, so no major differences.
I have been paying 100% of my employees premiums, probably not anymore.
How has your premiums been impacted and what is your company doing to offset the increases?
Our premiums increased 46%.
Our deductible increased from $2K to $5K for individuals - double this for families.
The company will NOT be paying the employess premiums next year.
No employees qualify for any "credits".
The EXACT same prescription that cost me $18.32 last August cost me $89.90 in Feb. 2014.
So your company is dropping your healthcare benefit and letting you go it alone? Are they increasing your pay at all to help offset it?
I bought a better "family plan" coverage off the exchanges and saved money.
I will be exploring that as an option. Basically if I go that route, I am dropping the health insurance benefit and increasing their pay some to help offset it. But after that they maybe on their own.
I am thinking the ACA is trying to get everyone on individual plans versus group plans.
> No employees qualify for any "credits".
Must be a high paying employer, since an individual would have to make at least 46K/yr, or a family of four would have make nearly 100K/yr, to not qualify for some tax credit...
I have a family of four, make a good living by Florida standards, and will get a tax credit for buying off the exchange.
My former boss, who I keep it touch with, did that. He looked at how much of tax credit each person could get based on salary and online credit calculators, how much an average "silver" plan would cost, did the math, and offered each employee a monthly stipend to pay for 100% of an ACA plan (less the tax credit). Says he's saving money doing it that way. Of course, he doesn't know what they are actually spending the money on ...
"So your company is dropping your healthcare benefit and letting you go it alone? Are they increasing your pay at all to help offset it?"
Not sure yet - they are reviewing the options.
Yeah, that is not a bad option.
I would maybe have the employees bring in a current bill or some form of documentation to show you are currently covered.
"Must be a high paying employer..."
I think the owner knew from the start what being a low paying employer would get him...
The few employees making less than $46K (which is only about $22/hr) are spouses of government employees and are covered by their spouses plans (for far less than they would pay individually).
The impact here was that I dropped health insurance coverage as an employment benefit. Most surveyors here have done the same. My personal policy through the exchange was about 50% increase but I went with an individual plan from BC/BS which had better coverage and less deductibles for a cheaper price.
My wife is with a larger firm. The ACA is starting to hit her premiums but she just hit a time trigger where the company picks up much of the tab. Good thing or the premiums would be nearly double what they were 2 years ago.
I get my care at the VA. Regardless of the news lately, the Boise VA is great care. My max out of pocket is under a grand yearly. I would be paying that every 7 weeks with the company plan here...
