Health Insurance Open Enrollment Tips

For many Employers it’s time to review health benefits and pick what plan to enroll in for next year.

This year, things can be a little different in light of the health reform bill signed into law in March.

Unfortunately rates are going up.  This reflects some of the mandates that are in the new Health Reform law, such as the elimination of cost sharing on preventive services and other new mandates.

It may be time to consider Health Savings Accounts (HSA).  They can be made available with high-deductible plans and are for qualified medical expenses, including hospitalizations, physician services, etc.  The money contributed to the HSA account are not subject to federal taxes. Money that is left at the end of the year is rolled over for future expenses in subsequent years.

Take into account Health Reform, before deciding on plan changes.  Health Reform could have unintended consequences, make educated decisions before changing plan designs and plan offerings for your employees.

Contact SourceOne Partners to set up a consulation on how Health Reform can impact your renewal.