Of course, the employer picks up part of the tab, but employers are adopting more of the cost to employees than ever before.
Examples of cases where a group plan may not be the best option:
- The group plan is considered a mini-med health plan. Mini-Med Plans are typically offered by restaurants and part-time workers, but there are many exclusions in the plan and they only cover a percentage of health costs.
- Deductibles on high-deductible plans continue to get more expensive. At some point, some franchises are more affordable to consumers based on their budget. For very high deductible plans, consumers should either open a health savings account (HSA) or find an individual health insurance plan.
- Costs for dependents and spouse continues to increase. Some companies are increasing the share of costs for dependents or a spouse to save money from the employee. In this case, the spouses should either remain on separate plans or consider an individual plan instead of adding a dependent.
- The maternity coverage is not provided and there is an advantage sought. If a couple wants to start a family, but the group plan does not provide maternity coverage, they should seek a pilot health insurance company or buy an individual plan.
Consumers should also be aware of additions to health plans of employers. Many companies offer flexible spending accounts (FSAs) are a good advantage and a health insurance plan, but they also have a lot more limitations with respect to an HSA.
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