Open Enrollment/Open Decision Time

Well, open enrollment season for health benefits is upon us. Many businesses are concerned about the movements in Washington and how it will effect their employee benefits package. Many business owners want to take a wait and see approach in making their decisions. Employees and their families are still going to need the health insurance they have come to rely on. No-one wants to go without coverage or can afford to be without. As confusing and uncertain as conditions may appear, decisions have to be made. The most recent plans moving through either house have provisions that indicate they will start in or after 2013.

Much of the so called reform legislation is yet to be written, let alone voted on or debated. A great deal of work and effort is yet to come if we are to truly have reform in this area of our economy. The poll data I looked at this morning indicates that 54% of Americans do not support the reforms that are currently being pushed. It may be back to the drawing board before this is all said and done. Something as serious and complicated as the financing of health care, a $2.2 trillion dollar item at 16.2% of GDP, deserves all of the debate, discussion, arguing, revising, and reinventing that we can put forward. My guess is that we must be very careful how we fix this. We may not get the chance for any quick do-overs with health insurance reform. It will be a very slippery slope, so let's urge our representatives to take it slow. Just think of how much anger or disappointment you feel when your employer changes your policy. Can you imagine if you are forced into a one size fits all plan? There is no way the government can afford to make sure we all have the best, so it will have to be a one size fits all plan on the lower end of the scale.

Employers fight hard every year to make sure their hard working employees have the best plan that the employee and the employer can afford. The average cost for employee only health insurance premiums was $9,144 in 2007. If you are working in small company that has 20 employees and the employer is picking up 100% of the employee only coverage, your employer is paying $182,880 per year just for employee only health care premiums. If your employer picks up any of the cost of the dependent cost then the tab could easily top $250,000 per year. We all need to make sure we are buying what we need and being responsible users of health care. Most people don't realize, because the industry and employers have done a poor job communicating, that the average name brand prescription costs $135.00 per month. Health care adds up very quickly.

It is easy to demonize the health insurance industry, but remember no one is immune from the scrutiny of this government and your industry may be targeted next. What if Uncle Sam came knocking on your door tomorrow and said "we need to reform your industry to save the economy." I am guessing none of us would be very happy no matter who we work for.

Freedom is not free and health insurance from the government won't be either! Make your choices wisely.

Have a winning day!

Steve