We know it’s only May, but we’re already starting to get news on trends for this year’s open enrollment season, and it’s not going to be pretty. Health insurance costs are going up for everyone, even large employers and they’re passing along some of those costs to their employees.
And one of the most popular ways of passing along those costs is by raising health insurance deductibles. A few years ago, it was very unusual to ask employees to pay a health insurance deductible on in-network medical care, but no more. According to consulting firm PWC
, the number of employers who are adding deductibles for in-network medical care to their health insurance plans is steadily growing. Only 31% of employers had deductibles of $400 or more in 2009, but more than half (54%) will next year. And the number of employers with high deductibles of $1,000 or more will grow from a mere 11% in 2009 to a whopping 28% next year.
Since health insurance deductibles usually don’t affect people as immediately as employee contributions or co-payments, you may not even notice the change in your health insurance right away. But if your deductible does change, you’ll be sure to notice it when you get that first bill from your doctor. Be prepared! Take a good look over your open enrollment materials and make note if there are changes like a bigger deductible slipped into your packet for next year. If your employer is increasing your deductible, open enrollment is a good time to start putting some money away, and increasing your contribution to a Flexible Spending Account which lets your pay for healthcare costs with tax-free money, is a very good place to start.
Will your employer be raising its health insurance deductibles this year? Tell us about it!
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