Employee Medical Benefits
Medical benefits are something to consider before you accept a new job or leave a job. Health insurance, paid for in full or in part by the employer, can save employees thousands of dollars a year on medical bills. Look for an employee health plan with monthly premiums, co-pays and out-of-pocket limits you and your family can afford.
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Numbers
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In the U.S., employers offer health insurance to a substantial portion of the workforce. In July 2010, the U.S. Department of Labor reported that 71 percent of private sector workers and 88 percent of state and local government workers had access to health insurance through their employers.
Significance
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Employers pick up a large portion of the cost of employee medical benefits in the U.S. The same report from the U.S. Department of Labor showed that American employers in 2010 paid 82 percent of health insurance premiums for single coverage of workers and 70 percent of premiums for family coverage.
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Considerations
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Employee health benefits offered by your employer may come in different forms, requiring you to make a choice between plans. For example, an employer might offer participation in a provider network or in a health management organization. You need to compare plans and decide which one best fits your family's needs. Apart from cost, one major factor is flexibility in choosing medical providers in a network.
Federal Law
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If you work in the private sector, your enrollment in employee health benefits most likely falls under the protections of the Employee Retirement Income Security Act. This federal law, usually known as ERISA, protects private workers, giving you access to information such as the features of your health plan, its funding, who manages the fund and how participants can file a grievance or appeal if they are denied benefits. Amendments to ERISA set rules on extending coverage if you lose a job and on coverage of pre-existing conditions through a new health plan.
Expert Insight
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Since employers pay most of the cost of medical benefits in the U.S., the price of health insurance coverage looms large if you lose or leave your job. You may qualify under federal law to stay on your previous employer's health plan at group rates temporarily, but you'll have to pay the full premium for continuing coverage. Assuring coverage for a pre-existing condition can also become a key factor if you lose a job, or even if you're considering a job change.
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References
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