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Sharon Said:

Not Notified of Employer Health insurance Premium increase!?

We Answered:

They don't HAVE to notify you. There's no requirement for them to do so. There is no "proper notification". No such thing.

So yes, they can do that.

Alexander Said:

Health Insurance premium raised $160 this year Is this Allowed?

We Answered:

Yes, a health insurance company can raise premiums. But, you have options- first off you mentioned you are a business owner. Business owners need to make some tough decisions to stay in business, a plan was created specifically for business owners called "health savings accounts" (Aetna and most companies are offering these), high deductible plans- you say you want a $1000. deductible and would like 20% co-insurance- well that is a very expensive plan, the deductible and co-insurance is too low and will cause high premiums and even higher rate hikes as time passes. First ask yourself some important questions, because remember Health Insurance is all about the risks you are willing to take.
1. If a medical emergency were to happen what is the most "out of pocket" you would be willing to pay? (the higher the amount the lower the premiums)
2. Do you need maternity coverage? (Some plans do not cover maternity, perfect for those who don't want maternity coverage- because they will lower premiums)
3. Deductibles, the higher your deductible the lower your monthly premiums. (Family deductibles can go as high as $10,000. in most states)

Finally: As a business owner, we must look into the future- we must look at costs associated with the business as an on-going expense. With health insurance we must understand first and foremost how the insurance companies make money; They charge premiums for services you may or may not use- Historically subscribers don't use up those services, consequently the companies collect more premiums than claims that are paid. So if you have a 1000. Deductible with 20% coinsurance- ask yourself, have we met the deductible? and the max. out of pocket? if you have then you are one of the very few that is taking advantage of your plan, otherwise in my opinion your overpaying the company for services that have not occured.
Think of insurance like this- "Would you vist a buffet and pay $25.00 for all you can eat, if all you wanted was a cup of coffee?" In essence that is what you are doing when you buy a plan with a low deductible and low co-insurance, a business owner has to weigh his risks, project for future costs. I would advice anyone to look at a high deductible, and to open a separate Health Savings Account (your own money-which you manage) this money will be used for your high deductible, this way you are not prepaying for services that you have not used. You will pay low premiums, and save monies in an account that will have several tax advantages!

Take control of your healthcare costs

Learn more:
www.HSAInside.com