How affordable is your health insurance for 2012 in Santa Monica? As we approach the end of the year 2011, many of us become overwhelmed with all the preparations for the holidays, leaving us less time to review our budget for 2012. However, once the holiday rush has passed, you should take the time to think about your budget for 2012, especially since the cost of health insurance is a significant part of your expenses. During 2011, the average California family spent more than 20 % of their income on health insurance premiums. This is a dramatic increase over previous years. In 2003, the average family’s annual premium was $ 9000; but in 2011, it is almost$14,000. An analysis by the Commonwealth Fund predicts that by 2020, annual premiums will reach $ 24,000 for a family in California.
Unlike other fields of the insurance industry, the health industry is not honoring company loyalty by lowering premiums. Therefore, each of us should conduct an annual review of our company and individual health insurance expenses, and compare all carriers which are offering health insurance in California.
The most optimum time to review your health insurance is at the End of the Year, no later than January or February. This is important because Deductibles and the Out-Of Pocket Maximum (OOP) all renew in January of each calendar year.
With the economy slightly picking up, many small business companies are thinking of implementing health insurance for their employees. Adding benefits such health and dental insurance to your company’s benefits will help keep loyal employees, and, consequently, help your business grow.
Many small companies still believe that they have to contribute as much as 50 % towards the health insurance premiums for each employee. However, almost all carriers allow the employer to give a nominal dollar amount (such as $ 100 ) towards the employee’s health insurance. The nominal dollar amount helps the employer better budget his/her health insurance expenses over the year, and the employer does not carry the burden of rising health insurance premiums alone.
So once the rush for the holidays passed, tackle your budget and reevaluate your existing health insurance. Let us provide you a free evaluation of affordable health insurance in Santa Monica for 2012.