I bet with almost certainty most people can agree their home, contents and car are covered by insurance. It might be a question if the deductible is $500 or $1,000, but it would be easy to find. What about the ability to pay for all the things? Can YOU say your ability to earn an income is covered?
Employer sponsored benefits have been a staple in the US since President Roosevelt first introduced the concept in 1942 with the Stabilization Act. Due to World War II, employers could freeze wages, so this Act helped provide health insurance to employees as incentive to stay with the company. The act gave employers and employees the right to pay premiums out of payroll before taxes.
In 2014, the Affordable Care Act allowed individuals to enroll in health insurance without medical questions, meaning no pre-existing limitations. At the time, many thought this would, in an essence, ‘repeal’ the COBRA act of 1986 and we would no longer need the transitional option that allowed individuals the opportunity to remain on their employer coverage. Surprisingly, COBRA is still available and a useful tool for health insurance. (more…)
Wellness… It’s the new ‘IT’ concept? Not hardly. I grew up in the 80’s with a mom that was the vice president of Human Resources and a father that was a health insurance agent. If you were a business owner then, you know that Wellness was going to be the next great saver of premiums for our health plans. Employees would answer biometric questions, getting financial incentive for doing so and maybe a bit longer lunch to work out. It fizzled out as fast as it rushed in. (more…)