{"id":17774,"date":"2015-09-16T18:38:57","date_gmt":"2015-09-16T22:38:57","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/09\/2016-will-be-interesting-for-insurance-plans.html"},"modified":"2015-09-16T18:38:57","modified_gmt":"2015-09-16T22:38:57","slug":"2016-will-be-interesting-for-insurance-plans","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/09\/2016-will-be-interesting-for-insurance-plans\/","title":{"rendered":"Business Report: 2016 Will Be Interesting For Insurance Plans"},"content":{"rendered":"
\n
\n\"judy\n<\/div>\n
Judy Ture is owner of Employee Benefits Center in Saratoga Springs\n<\/div>\n<\/div>\n

BY JUDY TURE<\/p>\n

The summer of 2015 is coming to an end
\nand now is the time when many employers,
\nindividuals and Medicare beneficiaries are
\nanticipating the new 2016 health benefit
\nprograms.<\/p>\n

The Affordable Care Act (ACA)
\nhas certainly impacted everyone in one way
\nor another. In about a month, the new plans
\nand premiums rates will be available for group
\nemployer plans, individuals and seniors.<\/p>\n

Let’s first talk about employer group health
\nplans. The year 2016 will be a very interesting
\nyear as more of the ACA policies and laws take
\neffect. Reporting requirements continue to be
\nimplemented and we encourage employers to
\nspeak with their accountant, payroll service,
\nInsurance broker and financial planner.
\nThese professionals all have access to certain
\naspects specific to the employer and may offer
\nguidance and assistance with compliance.<\/p>\n

There also may be situations where an
\nattorney specializing with employee benefit
\nadministration is an option well worth the
\nmoney. Also the local healthcare providers have
\ninformation, podcasts and newsletters on their
\nwebsites designed to educate employers and
\nmembers every step of the way.<\/p>\n

With group health plans in New York states the ‘”prior approval process” for the 2016 health plan
\npremiums and benefits is under way. Premiums
\nthat the insurance carriers charge for small
\ngroup and individual plans whether increasing
\nor decreasing require approval from the state
\nDepartment of Financial Services. With double digit increases expected health care premiums
\ncosts have our attention once again.<\/p>\n

For those members of health plans that
\nare young and\/or just plain healthy they find
\nit difficult to understand. One of the major
\ncomponents of your health plan coverage is
\nyour premium that is paid to the carrier. Then
\nas benefits are utilized there are additional
\ncosts to the consumer such as copayments,
\ndeductibles and coinsurance. The insurance
\ncarrier is the messenger and they are not the
\nsole cause of these increases. With Prescription
\npremiums expected to increase 15 percent as
\npharmaceutical companies increase drug costs
\nand the increased hospitalization utilization,
\nlocal carriers site these two factors as major
\nreasons for premium increases. Carriers are
\nworking to keep their members on the right
\ndrugs and be cost effective. Also keeping
\nmembers healthy is another cost effective step.<\/p>\n

Individuals under the age of 65 purchasing
\nhealth plans directly from a local carrier will
\nbe receiving the new plan premium rates and
\nbenefits effective for January 2016. All plans
\noffered must include the ACA essential benefits
\nas required by law. There are many plans available
\nto fit all individuals’ level of healthcare needs
\nand financial budget. With the average annual
\npremium of approximately $5,000 for an
\nindividual many individuals are finding it more
\nand more difficult to sustain these costs. Again
\nthere is the premium and then the cost of the out of pocket expenses, copayments, deductible
\nand coinsurance.<\/p>\n

Individuals age 65 and older will soon be
\nfacing “open enrollment” for 2016 Medicare
\nplans. This enrollment begins Oct. 15 and runs
\nthrough Dec. 715. Only those with special events
\nsuch as a change of address, loss of employer
\ncoverage, to name a few may qualify for “special
\nelection period.” Working with a certified
\nagent of a carrier is the best way to access all
\nof your options and make a informed decision.<\/p>\n

We anticipate 2016 will be challenging for this
\ndemographic as fewer plans are available and
\npremiums and out of pocket expenses will
\nsurely increase.<\/p>\n

Understanding and receiving good
\ninformation is all part of making the best
\ndecisions for your health plan coverage. Whether
\nyou are an employer, individual or over the age
\nof 65, there are many resources ready to assist
\nyou. Working with a insurance agent or broker
\nwill make this process easier. Health Insurance
\nis a valuable asset no one should go without.<\/p>\n

There are also many programs that you may
\nwant to learn about, Health Reimbursement
\nAccounts (HRA), Flexible Spending Accounts
\n(FSA) and Health Savings Accounts (HSA).
\nReach out to your local professionals for all of
\nthe information and options available and enjoy
\na healthy year.<\/p>\n

Ture is owner of Employee Benefits Center in
\nSaratoga Springs.<\/em><\/p>\n

Photo Courtesy Employee Benefits Center<\/p>\n","protected":false},"excerpt":{"rendered":"

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