Can Employer-Provided Tennessee Health Insurance Be Replaced?

The Robert Wood Johnson Foundation nonprofit organization has published the results of his study of Tennessee health insurance through their employer. Over the past decade, estimated a 354,000 Tennesseans or about eight percent) have lost their health insurance Tennessee-based employer. The number of employees who lose the option for the Tennessee health insurance as an employee benefit or have to do without a cover, as the cost increases escalated. After a similar study for the University of Minnesota, also employees, reporting on their employer they kept spending much more for health insurance plans TN.

The situation in Tennessee is indicative of the national trend as US employers for workers covered health insurance for many years. Most of those losing group Tennessee health insurance plans provided by $ 22,050 for a family of four. This means that fell below the poverty guidelines. For nearly 60 years, employment was to obtain a standard method for family health insurance. This option vanishing-free rate of Tennessee insurance rose 9.9 percent in 1999 to 17.1 percent by 2009.

Even those who continue to get that employee health insurance at work face higher costs out-of-pocket than ever. According to Philip Johnson, a partner profits Argyle Memphis-based consultants, companies increase health care contributions from employees, even during the same salaries decrease remained. This means out-of-pocket costs take a greater share of the income of workers and absorb most of the family budget each year.

The Affordable Care Act requires employers with 50 or more employees offer health insurance or a penalty per employee in 2014. At this time pay, the employees have the opportunity, TN health insurance plans for the purchase of health insurance exchanges Tennessee. This should be the average cost of insurance lower to increase by competition between insurers.

Tennessee group health insurance can be replaced?

By 2014, both for small businesses and individuals contact with high deductible to keep the cost of the premiums on policies. The amount of the deductible and the type of managed care (such as HMO or PPO) can make a big difference in monthly premiums.

Now that regular preventive care services are exempt from the two co-payments and deductibles, plans with high deductibles are less likely to discourage people get an annual check-ups, screenings for serious diseases such as cancer and the pressure is high or flu shots.

Some of stories high deductible Tennessee health insurance take another step. Health Savings Account (HSA) plans allow you to start a special type of savings account. These health savings accounts can be used to invest in simple stock accounts, bonds, mutual funds or stocks. Regardless of the type of investment, grows HSA money tax-free income and the balance rolls every year.

HSA funds can be used to cover your health or your family. Alternatively, HSA money be invested until retirement left double as a retirement account. Health Savings Accounts can keep the best alternative be premiums low until the health insurance exchange Tennessee available. With the growing popularity of these plans Health Savings Accounts can be competitive available through the state exchange also with coverage.