Fall is a time of cooler weather, Thanksgiving and getting ready for Christmas, but for millions of American workers it's also the time that they learn their insurance options for the next year.
The health insurance options are not looking good.
There is an expectation of increased premiums and out of pocket costs for a majority of workers.
According to the Kaiser Family Foundation and the Health Research & Educational Trust, overall premiums paid by employer and employee combined for the past year only rose an average of 3% for families.
However, the share paid by the worker alone rose by almost 13.
7% and this trend is expected to continue.
Health care costs are expected to increase between 9% and 12% for the coming year.
In order to lessen that increase, 57% of employers plan to pass the costs on to their workers.
These costs will include higher premiums, increased out of pocket costs and bigger deductibles.
This cost saving measure will result in bringing the percentage down to six.
Other employers, approximately 44%, plan to encourage their employees to improve their overall health by adding health management and wellness programs.
Employers will also add incentives like gift cards or lower premiums if employees participate in health assessment surveys or if they meet their ideal biometrics, such as blood pressure and body mass index.
Focusing on staying healthy is a great way to lower health care costs.
The changes that will alter the health care market the most won't kick in until 2014, giving employers time to figure out how they are going to deal with the changes.
Economist, Paul Fronstin, of the nonprofit Employee Benefits Research Institute states, "For the most part, the plans don't know what they're going to be doing.
It's just too soon.
" There are some mandates that take effect this year that employers will be required to comply with but there is a grandfather clause to some of the new mandates.
If employers don't make any changes to their plans or switch insurance carriers, they do not have to offer any additional benefits like free preventive services.
Required mandates include elimination of lifetime maximums on health benefits and allowing adult children up to age 26 to remain on their parent's coverage.
Estimates are that any increase in premiums due to the new mandates will be less than two percent.
The determining factors in the rise of healthcare premiums for the coming year remains the same as for the past year: sluggish economy and higher prices charged by health care providers.
Health premiums for smaller companies may also be affected by their workers' overall health status.
The director of the Kaiser Family Foundation's Marketplace Policy Project, Gary Claxton, explains, "For instance, if someone got sick in your group, especially with a disease that [your insurer] thinks is going to continue, they will take that into account when they set your premiums, and you are going to take a whack for it.
" Shifts in the makeup of a large company's work force can affect their premiums.
Claxton states, "A company will look at, for instance, are they going to be hiring or downsizing? Do they have a bunch of early retirees who are going to move from one plan to another?" Any size company will have some type of issue that will affect their premiums.
Predictions of ever increasing costs for employees are based on past trends.
Employers will need time to analyze the effects of the new health care provisions before a true picture can emerge of what the costs will be.
The health insurance options are not looking good.
There is an expectation of increased premiums and out of pocket costs for a majority of workers.
According to the Kaiser Family Foundation and the Health Research & Educational Trust, overall premiums paid by employer and employee combined for the past year only rose an average of 3% for families.
However, the share paid by the worker alone rose by almost 13.
7% and this trend is expected to continue.
Health care costs are expected to increase between 9% and 12% for the coming year.
In order to lessen that increase, 57% of employers plan to pass the costs on to their workers.
These costs will include higher premiums, increased out of pocket costs and bigger deductibles.
This cost saving measure will result in bringing the percentage down to six.
Other employers, approximately 44%, plan to encourage their employees to improve their overall health by adding health management and wellness programs.
Employers will also add incentives like gift cards or lower premiums if employees participate in health assessment surveys or if they meet their ideal biometrics, such as blood pressure and body mass index.
Focusing on staying healthy is a great way to lower health care costs.
The changes that will alter the health care market the most won't kick in until 2014, giving employers time to figure out how they are going to deal with the changes.
Economist, Paul Fronstin, of the nonprofit Employee Benefits Research Institute states, "For the most part, the plans don't know what they're going to be doing.
It's just too soon.
" There are some mandates that take effect this year that employers will be required to comply with but there is a grandfather clause to some of the new mandates.
If employers don't make any changes to their plans or switch insurance carriers, they do not have to offer any additional benefits like free preventive services.
Required mandates include elimination of lifetime maximums on health benefits and allowing adult children up to age 26 to remain on their parent's coverage.
Estimates are that any increase in premiums due to the new mandates will be less than two percent.
The determining factors in the rise of healthcare premiums for the coming year remains the same as for the past year: sluggish economy and higher prices charged by health care providers.
Health premiums for smaller companies may also be affected by their workers' overall health status.
The director of the Kaiser Family Foundation's Marketplace Policy Project, Gary Claxton, explains, "For instance, if someone got sick in your group, especially with a disease that [your insurer] thinks is going to continue, they will take that into account when they set your premiums, and you are going to take a whack for it.
" Shifts in the makeup of a large company's work force can affect their premiums.
Claxton states, "A company will look at, for instance, are they going to be hiring or downsizing? Do they have a bunch of early retirees who are going to move from one plan to another?" Any size company will have some type of issue that will affect their premiums.
Predictions of ever increasing costs for employees are based on past trends.
Employers will need time to analyze the effects of the new health care provisions before a true picture can emerge of what the costs will be.
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