When your employer rolls out its menu of health insurance benefits this fall, don’t be surprised if you have more options than you did last year. As companies try to cater to workers’ diverse needs, they’re dishing out a broader selection of plans. Employers say that offering or expanding benefit choices is their highest priority over the next three years, according to a survey from consultant Willis Towers Watson. To help keep your premiums and their own costs down, companies have been adding high deductible plans linked to a health savings account—or even dropping traditional plans from their menu and making a high-deductible plan the only option. But among large employers, the number of organizations offering only a high deductible plan will fall to 25% in 2020, according to a survey by the National Business Group on Health, compared with 30% in 2019 and 39% in 2018.
WEIGH THE CHOICES
Greater choice is a good thing—but you’ll have to study up to ensure that your plan meets your medical needs at the lowest cost. In 2020, employers expect the cost of health care benefits to rise by 5%, according to the NBGH survey. The projected total cost per employee (including any family members on the plan) next year is $15,375, compared with $14,642 in 2019. The NBGH didn’t estimate average premiums and out-of-pocket expenses for 2020, but in 2019, workers at large companies picked up nearly $4,500 of the tab in premiums and out-of-pocket expenses, and employers shouldered the rest.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
FREE HELP FOR COLLEGEBOUND STUDENTS
This program’s mentors assist applicants as they fill out the FAFSA, write essays and more.
WHAT YOU SHOULD KNOW ABOUT SPOUSAL IRAS
You typically need earned income to contribute to an individual retirement account, but a spousal IRA provides an important exception to this rule.
SELLING SHARES? HERE'S HOW TO MINIMIZE TAXES ON YOUR GAINS
ET'S say you've been regularly buying shares in a booming tech company over the past few years, but now you want to start taking some of those profits, perhaps to rebalance your portfolio.
Strategies for Novice Investors
AS part of a lifes kills program for young, single mothers, I was asked to teach a class on how to get on top of your finances.
ANSWERS TO YOUR 529 PLAN QUESTIONS
Thanks to recent policy changes, families have more options for what to do with money sitting in these tax-advantaged accounts.
Rate-Cut Winners and Losers
NOW that the Federal Reserve has cracked the interest rate ice, the next development will be to separate winners from losers.
SHOULD YOU BUY THESE RED-HOT FUNDS?
Covered-call ETFs are popular but come with plenty of caveats.
DIVIDEND STOCKS ARE READY TO REBOUND
Our favorite dividend payers are poised to benefit as falling interest rates lure investors back.
IS A 55+ COMMUNITY RIGHT FOR YOU?
These age-restricted developments appeal to older adults seeking abundant amenities and an active lifestyle.
AT LONG LAST, RATES ARE DROPPING
Consider these portfolio moves now that the Federal Reserve has cut its benchmark interest rate.