You are at 35 days and counting down.
The transition at work has been hectic, but fairly smooth. When the data storage company that you work for was acquired by another, larger company, you were a little uncertain about the changes that would be occurring. And while you were soon informed that the changes to the salary and compensation numbers would be a slight increase, you have waited for the last two months to find out what the insurance changes would involve.
your current insurance has been pretty good, but the biggest advantage is that you understand the policy, the deductibles, the copays, and the minimums. With a wife and two daughters your health, dental, and vision insurance coverage has always been important. Keeping up with the latest life insurance policies has also been essential. The apprehension about moving to a new policy means that you have had to wonder about working with a different company.
For most Americans, the decisions that need to be made whenever insurance coverage is made can be both challenging and confusing. Fortunately, for many employees, a human relations department or insurance company representative is able to answer questions and explain any benefits that may be changing. Attempting to make any decisions or choices about a new insurance plan without this HR advice is not recommended.
Is Your Company Changing Insurance Plans in the Year 2017?
Whether you are looking at health insurance options in Arizona or Michigan life insurance plans, it is important to have a resource person who can knowledgeably answer any questions that you may have. From deductibles to copays, insurance plans can vary a lot. Medicare supplement plans in Louisiana, for instance, might be different from those offered in another state. And, just as the nation is adjusting to the availability of services provided through the Affordable Care Act a new presidential election might change many of these things as well.
Consider some of the following statistics about Americans and their insurance:
- 60% of Americans own some type of life insurance.
- 34% of Americans report a likelihood of making an insurance purchase within the coming year.
- 55% of Americans would have recommended the 2015 life insurance to someone else.
- 66% of Americans would recommend their 2016 insurance to someone else. This is an 11% increase from 2015.
- 10,000 Americans ages 65 and older enroll in Medicare everyday for the first time. According to The Commonwealth Fund 2015 report, this trend began in 2010.
- October 15 to December 7 are the Medicare Fall Open Enrollment dates every year. The coverage starts January 1 the following year.
Many Life Changing Events Can Affect the Need for a Change in Coverage Benefits
You do not need to work for a company that has been acquired by another company to face changes in health or life insurance benefits. Getting married, having children, and retiring or just three other reasons that someone might need to make changes in their coverage plans. In fact, any time you go through any kind of life change, including a divorce, a move, or a significant purchase, you might want to visit with a benefits expert and see if you have the best available coverage.
Even people who fear that they cannot afford any kind of insurance coverage might be surprised to find out that they actually have many options. Even part time workers for small companies, for instance, should talk to an HR or benefits specialist to what kind of coverage an employer might provide. And while not all policies are available at no cost, many low cost options may be offered.
In a time when medical care costs are skyrocketing, having access to some kind of health insurance is very necessary, in fact, with the new Affordable Care Act, it is required. Even if you find that you need to pay for all of your healthcare and life insurance costs yourself, it is important to understand the process. For instance, many people can set aside pretax money to cover these costs. A healthcare savings plan, for example, is often used as a way to make monthly contributions of pretax money that can be used when it is needed, and it can be carried over to the next year.