Many employers have to offer their employees certain types of health insurance. However, they usually have quite a bit of leeway to determine what benefits they offer. Year over year, your employer might make changes to the plans they offer. Along with changes by the insurer, you might find your plan different when it is time to renew your policy.
So, when changes in your employer’s plan beckon, what questions do you need to ask? How do you know when it is time to look for coverage elsewhere? If you know how to react to policy changes, you can make sure you still have protection where it will do the most good.
Will Your Plan’s Coverage Change?
Insurers frequently review how much they will pay for certain medical services. If they make changes to your policy, you might need to decide if the policy still suits you.
What if you policy deductible increases? What if your plan will no longer cover certain prescriptions that you have to take? This means you might have to pay more for medical services before your insurance will step in to pay. Therefore, consider if you can reasonably afford any changes your plan might experience.
Are Policy Costs Changing?
Most health insurers increase premium costs by small amounts each year. Employers might decrease how much they contribute for their employees’ group plans. These scenarios might mean a cost increase that employees might have to shoulder.
When your policy prices increase, will you be able to afford it? To keep your coverage, you will need to contribute your fair share of your pay to your insurance premiums. Therefore, make sure that you won’t have to struggle to make ends meet.
Do You Need to Look Elsewhere for Coverage?
Your employer will often notify you of changes to your plan when it comes time to re-enroll in coverage. You likely have a choice whether to continue to take your employer’s coverage. How do you know if you should keep this coverage?
Look at the other plans you might be able to buy. Will a spouse’s health plan or one from a private insurer offer better benefits at comparable prices? If the answer is yes, consider taking that plan instead of your employer's. However, it’s almost never a good idea to forego your employer’s plan in favor of no health insurance.
Your PA employee health benefits can provide critical care for your needs. Don’t let your opportunity for coverage pass you by. Examine your coverage options to see if they fit your needs.