Blog, Health Insurance and Out of Pocket Cost

Smallest Firms See Largest Health Insurance Hikes

InterWest Insurance Services

APRIL 27, 2023

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers.

Health Insurance

Health Insurance Insurance Out of Pocket Cost Deductions

Four High Deductible Health Plan Mistakes to Avoid

InterWest Insurance Services

FEBRUARY 20, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. Providers in an insurer’s network may charge vastly different rates for the same procedure.

Deductions

Deductions Deductible Out of Pocket Cost Health Savings Account

Four Ways to Ensure Your Group HDHP Will Fail

InterWest Insurance Services

JANUARY 18, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. Providers in an insurer’s network may charge vastly different rates for the same procedure.

Out of Pocket Cost

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Creating a Company Culture of Care: Integrating Mental Health, Wellbeing, and DEI in Benefits

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HDHP Enrollees Less Satisfied with Their Health Plans

InterWest Insurance Services

MAY 18, 2023

But satisfaction greatly increases when HDHP enrollees stick with their plan for more than three years, according to the Employee Benefit Research Institute (EBRI)/Greenwald Research “Consumer Engagement in Health Care Survey.” If enrolled three or more years, 55% were satisfied.

Out of Pocket Cost

Out of Pocket Cost Health Savings Account Deductions Deductible

It’s Time for a Mid-Year Financial Check-Up

Money Talk

JUNE 29, 2022

Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team. Among the culprits: climate change, higher costs for labor and supplies to repair houses and cars, and higher out-of-pocket costs for employer-provided health insurance.

401(k)

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As Health Care Costs Bite, Here’s How You Can Help Your Workers

InterWest Insurance Services

JANUARY 27, 2023

Even if you are providing them with a robust plan, there are often out-of-pocket cost-sharing and deductibles to contend with. For employees in high-deductible health plans, the costs can be steep. Many preventative services are covered with no out-of-pocket cost-sharing, but checkups usually are not.

Out of Pocket Cost

Out of Pocket Cost 401(k) Deductions Deductible

Employers ‘Unwavering’ in Providing Group Health Benefits: Research

InterWest Insurance Services

MARCH 16, 2023

The poll of 26 health benefits decision-makers at large firms, carried out by The Commonwealth Fund and the Employee Benefits Research Institute (EBRI), found that despite rising premium and health care costs, they felt obligated to offer health insurance instead of shunting employees to exchanges.

Health Insurance

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Employers Expect Higher Premiums, Little to No Cost-Shifting

InterWest Insurance Services

JULY 13, 2023

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. 24% said they would up employee cost-sharing, but by less than the projected increase. copay plan).

Employment

Employment Out of Pocket Cost Health Insurance Health Savings Account

Employers Prioritizing Enhanced Benefits in New Year, Not Cost-Cutting

InterWest Insurance Services

JANUARY 5, 2023

Despite group health insurance costs expected to rise 5.4% this year, the tight labor market is forcing employers to prioritize enhancing benefits over cost-cutting measures, according to a new report by Mercer. The expected health insurance cost growth of 5.4% What employers are doing.

Out of Pocket Cost

Out of Pocket Cost Employment Health Insurance Deductions

How HRAs Can Help Your Employees Pay for Medical Expenses

InterWest Insurance Services

MARCH 4, 2022

As rising health insurance premiums and out-of-pocket costs for health care are burdening workers, more employers are looking for ways to help their staff put aside money for those expenses. Fortunately, there is another option: a health reimbursement arrangement (HRA). Qualified medical expenses.

Medical

Medical Health Insurance Out of Pocket Cost Deductions

16 Surprising FSA and HSA Eligible Expenses Your Employees Should Know About

InterWest Insurance Services

JUNE 2, 2023

Employers offer flexible savings accounts and health savings accounts to their employees so they can build up funds with pre-tax dollars to pay for health care and related expenses.

Out of Pocket Cost

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Identify Your Workers’ Needs, Consider Costs before Open Enrollment

InterWest Insurance Services

SEPTEMBER 27, 2023

It’s almost time for group health insurance open enrollment and your top priority should be to drive participation by helping your employees make informed decisions about their options. Typically, the higher the premium on a plan, the lower the employee’s out-of-pocket costs are.

Out of Pocket Cost

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Chronic Conditions Driving Health Care Costs

InterWest Insurance Services

NOVEMBER 22, 2023

According to the Centers for Disease Control, six out of every 10 American adults have at least one chronic condition, with 40% having two or more. As a result, chronic conditions play an outsized role in the cost of group health insurance. Routine immunizations. Preventive services for men and women.

Out of Pocket Cost

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Examples of fringe benefits by category

Business Management Daily

APRIL 29, 2024

Different benefits appeal to different teams, but what matters most is providing more than just the bare minimum—health insurance, workers’ compensation, and a competitive salary. In this blog, we’ll talk about different types of fringe benefits and how employers can make the most of what’s available.

Out of Pocket Cost

Out of Pocket Cost PTO 401(k) Deductions

Hospital Indemnity Insurance a Key Voluntary Benefit

InterWest Insurance Services

DECEMBER 28, 2021

But if you have an 80-20 plan, your worker is still responsible for her deductible (averaging over $1,600), plus 20% of that cost, or over $6,000. That leaves your worker exposed to a total out-of-pocket cost of over $7,600. even for people with health insurance. Little or no cost to the employer.

Voluntary Benefits

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6 Common Mistakes to Avoid When Choosing a Health Plan

CorpStrat

DECEMBER 15, 2022

Health insurance may be one of the most critical annual purchases since it impacts your physical, mental, and financial wellness. Unfortunately, selecting a health insurance plan can feel overwhelming. This article explores six common missteps related to selecting a health insurance plan.

Health Insurance

Health Insurance Out of Pocket Cost Deductions Deductible

Employers Focus on Cost Containment, Mental Health and Telemedicine

InterWest Insurance Services

MAY 25, 2022

A new survey has found that managing health care costs and expanding mental health benefits will be a top priority for U.S. Dealing with rising costs. In light of continuing rising health insurance costs, 94% of employers surveyed said they are redoubling their efforts to make benefits more affordable for their workers.

Employment

Employment Out of Pocket Cost Health Insurance Insurance

More Employers Expand Mental Health Benefits

InterWest Insurance Services

MAY 11, 2023

Don’t forget your health insurance There is an extensive list of mental health services your health plan should provide your staff. Of course, there will likely be some out-of-pocket costs for your employees that use these services under their group health plans.

Family and Medical Leave Act

Family and Medical Leave Act Employment Parental Leave Out of Pocket Cost

Digital Health Benefit Tools Can Help Your Employees Save Money, Stay Healthy

InterWest Insurance Services

MARCH 15, 2022

It’s no secret that most employees do not fully understand all of their health insurance benefits, which can lead to worse health outcomes and them spending more money than they need to for some medical procedures. Overtreatment and unnecessary treatments can lead to worse health outcomes and higher out-of-pocket costs.

Out of Pocket Cost

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3 Ways to Survive Your Company’s Benefits Enrollment

Benefit Resource Inc.

OCTOBER 24, 2019

But for those who don’t live in a daily world of healthcare jargon, what are out of pocket expenses? An out-of-pocket expense, according to HealthCare.gov , is “Your expenses for medical care that aren’t reimbursed by insurance. These accounts are designed to cover eligible out-of-pocket expenses.

Out of Pocket Cost

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My Life in Benefits Age 45: Mammogram Screening

Benefit Resource Inc.

JUNE 6, 2019

Screening mammograms are free through almost every insurance plan. From ACA marketplace insurance, to private and group health insurance. In the mean time, it is a comfort to know that our HSA is there to cover any unexpected out-of-pocket costs. Most of us think that mammograms are free.

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New Transparency Requirements for Health Plans

AssuredPartners

AUGUST 5, 2021

You may have heard something about new transparency requirements that are going into effect soon for health plans. This briefing will outline those various legal requirements and the impact on your group health plans.

Out of Pocket Cost

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CARES Act - Impact on HSAs, HCFSAs, and HRAs

AssuredPartners

MARCH 31, 2020

All other plans (fully insured or self-funded) need to comply.

Health and Welfare

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Budgeting and Prepping for Open Enrollment

InterWest Insurance Services

AUGUST 22, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Going out of network is discouraged with high out-of-pocket costs.

Family and Medical Leave Act

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible

Budgeting and Prepping for Open Enrollment

InterWest Insurance Services

AUGUST 1, 2023

If you are running a business, you need to get an early start on preparations for your small group health plan open enrollment, particularly now as so much confusion abounds about the state of health insurance in the country. Going out of network is discouraged with high out-of-pocket costs.

Family and Medical Leave Act

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible

How to Budget for Your Group Benefits Plan

InterWest Insurance Services

SEPTEMBER 23, 2022

But the costs of coverage can be daunting and many employers worry about whether they can afford benefits programs and struggle to set a budget that won’t deplete or severely dent their profits. Typically, the most expensive and most important benefit is health insurance. Don’t game the system. Getting it right.

Health Insurance

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More Employers Add Narrow Networks to Offerings

InterWest Insurance Services

JUNE 16, 2022

More employers are including narrow provider network insurance plans among their plan offerings to their employees to give them a lower-cost premium option. Narrow provider networks limit the number of covered providers included in health insurance plans. There is no limit if your employee goes out of network.

Employment

Employment Out of Pocket Cost Health Insurance Insurance

Insulin Makers Cap Prices for Insured Individuals

InterWest Insurance Services

JUNE 22, 2023

Finally, Sanofi two days later announced that it would cap the out-of-pocket cost of its most popular insulin, Lantus, at $35 per month for people with private insurance. In the small group market, the median cost health plan enrollees pay is $54 per month, while one-quarter pay $83.

Insurance

Insurance Out of Pocket Cost Pharmaceutical Deductions

How Your Employees Can Get Free COVID Test Kits

InterWest Insurance Services

MAY 9, 2022

But for employees in your group health plan, they have many options for obtaining a test with no out-of-pocket costs. Under an executive order issued by President Biden, employees in a group health plan are eligible to receive COVID-19 at-home test kits with no cost-sharing, copay, coinsurance or deductible.

Out of Pocket Cost

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Centers of Excellence Save Money, but Have More Benefits Too

InterWest Insurance Services

FEBRUARY 8, 2023

As health insurance and health care costs continue rising, more employers and health plans are turning to centers of excellence to manage patients with chronic conditions. The employer and/or health plan saves money by not having to shell out thousands for surgery that could have been avoided.

Out of Pocket Cost

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Biden Administration Clamps Down on Short-Term Health Insurance

InterWest Insurance Services

APRIL 24, 2024

The Biden administration has rolled back regulations that allow Americans to stay on short-term health insurance plans for up to three years while still satisfying the Affordable Care Act’s individual mandate. Also, the final rule restricts how these plans may be marketed and requires new levels of disclosure.

Health Insurance

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Health Expenses a Major Source of Mental Health Issues for U.S. Workers

InterWest Insurance Services

JANUARY 26, 2022

The report states that the findings raise concerns about whether some employees can even afford to use their health plans. It stressed two main points: High deductibles — The report found one of the main drivers of stress was high deductibles and other out-of-pocket costs.

Out of Pocket Cost

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Insurers Promise to Keep Covering Preventative Services

InterWest Insurance Services

MAY 4, 2023

Most health insurers plan to continue offering free preventative care services despite a federal judge having imposed a nationwide injunction on an Affordable Care Act requirement that these services are covered with no out-of-pocket costs on the part of patients, according to a letter by industry trade groups.

Insurance

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Measure Would Cap Insured Out-of-Pocket Cost of Insulin at $35

InterWest Insurance Services

APRIL 22, 2022

House of Representatives has passed legislation that would cap the out-of-pocket cost of insulin at $35 a month for people with group or private health insurance. While the measure still has to face a vote in the Senate, it has broad backing after the cost of insulin has skyrocketed in recent years.

Out of Pocket Cost

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Comp and Benefits Today

Smallest Firms See Largest Health Insurance Hikes

Four High Deductible Health Plan Mistakes to Avoid

Webinars

Trending Sources

Four Ways to Ensure Your Group HDHP Will Fail

Webinars

HDHP Enrollees Less Satisfied with Their Health Plans

It’s Time for a Mid-Year Financial Check-Up

As Health Care Costs Bite, Here’s How You Can Help Your Workers

Employers ‘Unwavering’ in Providing Group Health Benefits: Research

Employers Expect Higher Premiums, Little to No Cost-Shifting

Employers Prioritizing Enhanced Benefits in New Year, Not Cost-Cutting

How HRAs Can Help Your Employees Pay for Medical Expenses

16 Surprising FSA and HSA Eligible Expenses Your Employees Should Know About

Identify Your Workers’ Needs, Consider Costs before Open Enrollment

Chronic Conditions Driving Health Care Costs

Examples of fringe benefits by category

Hospital Indemnity Insurance a Key Voluntary Benefit

6 Common Mistakes to Avoid When Choosing a Health Plan

Employers Focus on Cost Containment, Mental Health and Telemedicine

More Employers Expand Mental Health Benefits

Digital Health Benefit Tools Can Help Your Employees Save Money, Stay Healthy

3 Ways to Survive Your Company’s Benefits Enrollment

My Life in Benefits Age 45: Mammogram Screening

New Transparency Requirements for Health Plans

CARES Act - Impact on HSAs, HCFSAs, and HRAs

Budgeting and Prepping for Open Enrollment

Budgeting and Prepping for Open Enrollment

How to Budget for Your Group Benefits Plan

More Employers Add Narrow Networks to Offerings

Insulin Makers Cap Prices for Insured Individuals

How Your Employees Can Get Free COVID Test Kits

Centers of Excellence Save Money, but Have More Benefits Too

Biden Administration Clamps Down on Short-Term Health Insurance

Health Expenses a Major Source of Mental Health Issues for U.S. Workers

Insurers Promise to Keep Covering Preventative Services

Measure Would Cap Insured Out-of-Pocket Cost of Insulin at $35

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