Health Insurance – Employees Say They hate It
Health insurance coverage is critical for anyone who wants to be covered for any illness or injury. It’s an essential part of our healthcare system; most people don’t have it. Most health insurance plans offer significant medical benefits and some coverage for prescription drugs, maternity benefits, accidental death and dismemberment benefits, and mental health benefits. Many types of health insurance plans are available, from private, government-run, and sizeable long-term care plans.
Health insurance basics. Health insurance often does not cover 100 percent of your medical costs. In addition, it usually doesn’t protect part-time jobs, such as those found at call centers and warehouses. However, health coverage does offer some affordable care act benefits that most full-time workers would be eligible for.
What’s so great about health insurance? One reason it’s so popular among employees is that most employers offer health insurance benefits; a benefit is a portion of the employee’s paycheck. So, for example, the company won’t contribute to a 401k (traditional retirement) plan as they do for employees’ health insurance. However, most companies give their employees deductions for contributions to 401ks.
Employees can also purchase vision coverage as an individual health insurance benefit. Most minor to large companies don’t offer vision coverage as part of their health insurance benefits package. Workers can purchase vision coverage independently. However, this may not be as helpful if there’s a sudden increase in visual problems, such as glaucoma or cataracts. Employees who don’t have vision coverage through their employer may want to obtain it on their own through an independent provider or a group plan.
Not everyone has access to dental health savings accounts, but many employees have access to them. Dental health insurance is usually purchased with your employment, though you don’t need to pay for it as you would with other insurance benefits. You can buy dental insurance separately or via a small business health savings account. Small business health savings accounts (referred to as STDs in the workplace) work much like credit cards because you can only spend what you’ve deposited. You can’t withdraw from them, but overdraft facilities are available for emergency use.
Another popular type of employee health insurance benefit is vision coverage. This is the least expensive type of insurance coverage your employer may provide, but it can still be beneficial. For example, if you work as a part-time staff member or as a seasonal or part-time employee, you may get vision coverage provided your employer offers it. In addition, vision coverage can often be obtained as part of a larger group vision plan, saving you money overall.
One of the biggest things people say they’re unhappy with regarding their current insurance provider is that they see open jobs as a chance to get a better rate. Unfortunately, when you apply for these open positions, the insurance companies aren’t doing you any favors. They see available jobs as an opportunity to charge more to your company rating because you will work outside their standard business model. As a result, your company rating will likely go down and may even be as low as zero.
On the other hand, working as an independent contractor allows you to take advantage of all the advantages of health savings accounts and many other employee benefits. Most independent contractors work only two or three jobs a week, so they don’t see out-of-pocket expenses like they would if they were working at a larger company. Also, many independent contractors work from home, so you don’t have to pay income taxes on your money from working from home. There are y other ways to avoid out-of-pocket expenses when working outside the traditional work environment. However, if your goal is to save money for your family, you’ll probably want to take the latter option.