Tag: health insurance

Should You Switch Health Plans During Open Enrollment? 4 Questions to Ask.
November 3, 2024 Off

Should You Switch Health Plans During Open Enrollment? 4 Questions to Ask.

By The Admiral Staff

During open enrollment, employees can adjust their health insurance plans, including switching to high-deductible plans (HDHPs) with Health Savings Accounts (HSAs). While HDHPs offer lower monthly premiums, they require higher out-of-pocket expenses, which can be risky in case of significant health issues. The article advises considering health status, financial stability, job security, and comparing plan components (premiums, copays, deductibles, coinsurance, and HSA/FSA contributions

Your Paycheck’s Shrinking? Here’s How to Fight Back.
October 7, 2024 Off

Your Paycheck’s Shrinking? Here’s How to Fight Back.

By The Admiral Staff

Many employees are seeing smaller paychecks in 2024 due to significant spikes in health insurance premiums. This is attributed to factors like brokers incentivized to sell pricier plans, insurance companies covering rising healthcare costs, and a backlog of delayed procedures from the COVID-19 pandemic. While employer-sponsored health insurance is legally required to be affordable (less than 8.39% of an employee’s gross income), this doesn’t always help families. The article suggests options like

Navigating Health Insurance After Job Loss
August 19, 2024 Off

Navigating Health Insurance After Job Loss

By The Admiral Staff

Losing your job can disrupt health insurance coverage, impacting nearly half of Americans who receive coverage through their employer. Options for continuing coverage include employer-extended coverage (often short-term), COBRA (expensive continuation of your former plan), and the Health Insurance Marketplace. The Marketplace offers a Special Enrollment Period of 60 days after job loss, and most individuals qualify for subsidies, potentially lowering costs. If coverage is unaffordable, utilizing a Health Savings Account (HSA) or negotiating medical bills are

The Deductible Dilemma: Navigating Rising Healthcare Costs
January 1, 2024 Off

The Deductible Dilemma: Navigating Rising Healthcare Costs

By The Admiral Staff

Rising health insurance deductibles are becoming increasingly difficult to manage, with the average single person’s deductible reaching $6,575 in 2023 – a 7% increase from the previous year. The article offers strategies for those struggling to meet these costs, including utilizing Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), shopping around for lower prices on medical services and medications, carefully reviewing bills for errors (which occur in up to 80% of

Your Paycheck’s Shrinking? Here’s How to Fight Back.
February 7, 2023 Off

Your Paycheck’s Shrinking? Here’s How to Fight Back.

By The Admiral Staff

Many employees are seeing smaller paychecks in 2024 due to significant spikes in health insurance premiums. This is attributed to factors like brokers incentivized to sell pricier plans, insurance companies covering rising healthcare costs, and a backlog of delayed procedures from the COVID-19 pandemic. While employer-sponsored health insurance is legally required to be affordable (less than 8.39% of an employee’s gross income), this doesn’t always help families. The article suggests options like