Health Insurance Reform News
Although many of the new programs and policies associated with the new health care reform laws won’t go into effect for a few years, there is one incentive that will make it worth the wait. It’s the potential improvement in preventive medicine coverage!
This incentive won’t take effect until 2014, but if you are employed and have your family covered under a group health insurance plan, this incentive could mean thousands of dollars in savings for you. The new law will let employers offer wellness incentives to their workers of up to 30% of a plan’s total premiums—both the employer’s and worker’s portions. This increase is up from the current rate of 20% of the total premium.
How does this equate to money in your pocket? Let’s assume, in the year 2014, your plan is $10,000. In theory, your employer could offer you a discount or rebate of up to $3,000 for taking a proactive approach about your health. This proactive approach could include simple things as seeing a health coach or taking a health-risk assessment.
“Currently, most incentives are far less than $1,000 for a family plan and much lower for people who have individual coverage,” states Dr. Dobro, a physician consultant with Towers Watson, a benefits consulting firm. “But the new law is likely to increase the level of incentives employees may receive.”
The logic behind corporate wellness programs is simple: employees who are in better health spend less money on healthcare. It’s no surprise that the number of companies starting wellness programs is growing. Ultimately, the company costs associated with health care benefits decrease and some of the savings is passed onto the employee by way of incentives.
In heath insurance news, wellness is a topic worth watching to see what the new health care reform laws put in to place. In the meantime, you can check with your employer’s Human Resource Department or Benefits Coordinator to see if your company has a wellness program already in place. We all enjoy saving money, right?
