Was open enrollment starting this week? How does the health insurance cost look compared to this year?
18 replies (most recent on top)
I’m hearing Anthem is terrible insurance. Not sure if Aetna is much better and I thought Cigna was bad. Anyone have any thoughts on Aetna?
For 2020, the IRS set a maximum out-of-pocket health insurance cost per employee of $6,900, which includes premiums, deductible, and co-payments. In addition, the minimum value of a health plan that an employer provides an employee has to be no less than 9.78% of the employee’s income. Where this number comes from, I have no idea. Nevertheless, for an employee making $60K a year, that close to $5,900. I’m no insurance guy; but this plan looks to be the at or very close to the ‘cheapest’ employer health insurance plan allowed by law under ACA.
For those of us who remain, no R&D budget, slashed or no bonuses, delayed 401K contributions, and now the cheapest health insurance plan allowed. How does that make everyone feel?
To be a ‘tech powerhouse,’ who in their right mind from Google, Apple, Microsoft, SAP, etc. of fresh out of college is going to come to Xerox to fix this mess, especially in this job market? Johnny V is not looking to transform Xerox, he’s looking to sell it ASAP at $40/share before the bottom drops out to make his boss happy.
"why would anyone take that plan?"
Do the math. If you took the more expensive plan that was a co-pay system and paid about $200/month for single, you'd be paying $2400 in premiums. How many visits to the doctor would that cover if you stayed on the free plan?
If you are relatively healthy and visit the doctor for a yearly physical and one or two other visits for various things, you are likely better off on the high deductible plan.
Make sure the full math is done:
- premium costs
- copay costs
- differences in deductible
- differences in out of pocket max
- Rx costs
I almost never hit the deductible so I pay 100% of my medical costs. But that is almost always less than the cost of the premiums for a better plan. In the case of a bad year, yeah, I gotta s— up $6K or whatever, but overall that works for me.
Read the guide it says one of the options the employee only is free (premium) if you earn less than $60k but the deductible is $6000. So that means you have to pay the first $6000 of all medical bills and medication before the plan starts to pay.......so unless you never go to the doctor and dont take medication why would anyone take that plan?
@11YQ4rF2-5meb Yes, free as in no monthly premium. And yes, for a single policy as I noted in my post. I am a single person in that salary bracket. Obviously I didn’t post all the info.
"There’s a “free” one - no monthly premium, but single deductible is $6000"
Free? The only free option seems to be for a single employee (no family) that makes a small salary. Otherwise the least expensive option looks pretty comparable to what we have today, but employee monthly cost appears a bit higher.
There are three options. Cost depends on salary. There’s a “free” one - no monthly premium, but single deductible is $6000. None of them are great... they are all designed to shift a lot of the cost to the employee.
Top tier low deductible. Expensive
Plan we have now. Pretty much the same
6k deductible. Free if you make under 60k
Insurance provider is no longer Cigna. It’s Anthem and there are 3 tiers of coverage one of them that’s supposed to be them same as last years. Guess we’ll find out Monday the costs.
Any word on cost for us this year yet? I'm out of the office until later next week.
Starts on the 18th and lasts 2 weeks.
Why only a week for enrollment?
I am HCL, our open enrollment is this week until the 22nd
I am being here for another 6 months minimum as we got extensions
An observation:
Anyone try to find a 2020 holiday schedule to plan for vacation periods?
Anyone get easy access to the health planning options?
Anyone have any new hires from people on your team moving on?
If you answered no to those- your time is up and you and your team are already history.
You just haven’t been told yet
If you are HCL then you are done. It was a “legal” way to lay-off over 6000 people and not tell the SEC
It's awful that we haven't seen anything as to what our insurance for next year will look like. This is a major part of our benefits package and we are going to be given less than a week to make decisions. Will there even be webinars/meetings to discuss the options this year? So frustrating!
If an ICHRA is cheaper I'm sure we'll be buying our own insurance in 2020.
https://www.benefitslawadvisor.com/2019/08/articles/hra/beginning-in-2020-employers-may-reimburse-health-insurance-premiums-as-an-alternative-to-a-traditional-group-health-plan-subject-to-several-requirements/
and yet we STILL don't have any pre-read materials! :(
starts on 18th