Did yourpaycheck get smallerin 2024?
If so, you might want to check your pay stub.
Employees across the country had health insurance premiums spike this year.
For some people, these jumps in premiums are seriously affecting their take-home pay.
This article will cover why this is happening and what you’re free to do about it.
Need Easy Money to Cover the Cost of Rising Health Insurance Premiums?
Lets face it: Your health insurance probably costs more than it did last year.
Do you need some extra money to cover healthcare costs?
Why did my health insurance premiums go up?
The premium increases of 2024 are in some ways a continuation of different things.
First, your employer may have bought their health insurance plan from a broker.
Brokers are paid on commission and can be incentivized to sell your employer more expensive plans.
But brokers are only one part of the issue.
Insurance companies are subject to medical-loss ratios set by the Affordable Care Act (ACA).
If you work for a bigger company, that changes to 15%.
The rest must go to paying for or improving care.
People are getting the procedures now because they didnt get them a couple years ago.
When Insurance Falls Short…
Unfortunately, insurance doesnt covereverything.These resourcescan help you manage those unexpected expenses.
Is it legal?
It fits that definition if the lowest-cost plan is 8.39% of the employees gross W-2 earnings or less.
Those premiums arent protected from unexpected hikes or affordability issues.
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What are my options?
Go to HR and the CFO not just HR, Contorno said.
Theyre just looking at the human impact.
But if enough people went to the CFO, then hopefully theyd start looking at other solutions.
This is what Contornos company, E Powered Benefits, tries to help with.
Switch Employers
If costs dont change with your current employer, you may consider switching.
However, you may run into similar affordability issues.
But shopping around for work + health insurance is still an option just unlikely a silver bullet.
Medicaid May Be An Option In Select Circumstances
Medicaid is a joint state and federal program for low-income individuals.
Medicaid laws vary by state, and there are 10 states that have not opted into Medicaid expansion.
But its a really low multiple of the federal poverty level.
Take Advantage of Charity Care
Premiums arent the only way youpay for health insurance.
There are co-pays, deductibles and other out-of-pocket costs throughout the year.
The ACA requires nonprofit hospital systems to run these programs, also known as charity care.
Depending on your location and family size, income limits can go well up into the six figures.
And you’re free to use them even if you have insurance.
In some cases, they can wipe your bill down to $0.
Need a Hand With Bills?
Listen, we know its tough out there.
But theres no shame in asking for help.
These companiesmake it easy to help yourself and your bank account.
She is a regular contributor to The Penny Hoarder.
