View Single Post
  #14  
Old 09-23-2013, 02:06 PM
dynalow's Avatar
dynalow dynalow is offline
Registered User
 
Join Date: Feb 2002
Posts: 1,599
Quote:
Originally Posted by SwampYankee View Post
Well, I suppose the time has come to make the leap to the HSA plan. Another 15% premium increase (current plan as well as shopping around) or more come renewal time. We'll save $75K/yr if we switch so, thanks to the easy math, we'll likely do a one-time $3000 funding of everyone's HSA and let them determine how much more they want to contribute weekly.

On the surface it doesn't seem too bad. 10% In-Network copay, $5K Individual/$10K Family max out-of-pocket which includes deductible and copay plus some out Out of Network coverage $10K max Individual/$20K max Family, we currently have none. Sloan Kettering or Boston Children's would certainly surpass that for treatment if someone is unfortunate enough to need their services. Plus there is some experimental drug coverage which hopefully no one would need. Prescription drug coverage remains the same as our current plan.

We'll give them the option to "buy up" to their current plan if they want to pay for the difference, which is a couple grand a month in some cases.

One potential disadvantage for employers is that any money put into an employee's HSA fund is theirs to keep and take with them should they leave. That's likely not a problem for us since we have little to no turnover and average 14 years of employment (skewed downward by two new hires, one new position).

I guess we'll remain in a holding pattern after switching until we really see what the ACA brings us, which side of fear mongering is correct. We might get to the point where we offer our employees a raise in the amount of our monthly premium for them, get out of the health insurance provider business and let them take care of it on their own.
Swamp,

Have you factored in the IRS S/B employer HI premium tax credit? Or are you too big for it?

The PPACA was all about broader coverage. The talk of the bill "bending the cost curve" went out the window four years ago.
Reply With Quote