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Health insurance costs
Benefits & Compensation
Health insurance costs
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
What is your company paying for group insurance? We just got our new prices for 2001. $251.89 for single (or $31.48 per wk /ee) and $660.72 family (or 82.59 for family). TOO HIGH???
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Forums » Topic Forums » Benefits & Compensation » Health insurance costs
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Health insurance costs
posted at 12/6/2000 9:25 AM EST
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Posts: 16
First: 9/1/1999 Last: 12/5/2001 |
What type of plan does your company provide? HMO? PPO? Level of deductible?
Coinsurance level? I've learned that there are so many factors that can influence a group's rates that it's often impossible to compare apples to apples. We have had coverage from Humana for the past 3 years and they've been pretty good to us but we have a relatively young group with few medical problems. Our rate increases have averaged about 17% over the past 3 years which is close to the national average. We pay 100% of the premium for single employees and 50% of the difference for additional coverage for family members. The basic plan has a $500 deductible and we offer an optional plan with a lower deductible that the employee can purchase as long as they agree to pay the cost of the premium beyond the basic plan. Both plans are a PPO so we have more flexibility in choosing Dr.s and getting care out of the network. For a company our size, 44 employees with annual revenue of about $4.5 million I think we have a very generous medical plan. Single premiums in the basic plan are about $160/month and $180 for the buy-up option. |
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Health insurance costs
posted at 12/12/2000 2:46 AM EST
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Posts: 33
First: 11/15/2000 Last: 2/13/2002 |
These are my questions to you also...who is the vendor, what type of plan, what size company, what level of coverage is offered? Too many factors to just say whether or not a plan is too expensive. We just finished our contract for the year, and are paying $169.83/mth for single and $386.79/mth for family. This is a PPO, we are approximately 60 employees, and are just getting out of the state "risk pool". We only experienced an approx 7% increase from last year's rates. Based on what I'm seeing, we did very well. But, we too have a young workforce with few health issues at this time. Next year will be interesting to see based on our company's growth & experience with the vendor. |
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