Free Health Insurance Ends for Mackinaw Village

The board of the Village is keeping down the premium cost of health insurance its employees will have to pay.

Village employees will pay 10% for health Insurance premiums.

Mackinaw Village Board pays the entire health Insurance premiums for its employees which will change from the 1^st of April. The Employees will pay 10% for their family’s coverage.

Fraudulent Health Insurance Claims
To educate the public regarding hazards of committing fraud in healthcare insurance claims and its implication on the economy.

The board president Craig Friend offered the employees 2 options.

The Village has been paying $76,000 annually to cover insurance premiums for 6 full time employees. According to the board this amount would increase to $103,883.64 yearly.

The amount paid by the employee to cover the family would be $1,328.44 annually and $134.84 per month, with The Village covering the $22,289 which is the additional amount on premiums annually.

Health Insurance
Health insurance has emerged as one of the fastest growing segments in the non-life insurance industry with 30% growth in 2010-11 with annual premium collections being over Rs 6,000 crores.

According to the 2^nd option, the employees would have a health savings account, where the deductible would be higher with a lower premium. The village would put the premium savings in a savings account for the employee.

The health savings account option would have saved the village $5,840 in premium costs while adding $18,000 in costs to contribute to the health savings accounts for an overall annual increase of $12,160 to $88,000.

Quiz on Health Insurance
This Quiz is to test your knowledge on health insurance in the U.S, there is so much activity with the new law and building of Health Exchanges – all peaking for a January 2014 deadline.

Village Treasurer Scott Eidenmiller told the board in February an industry wide increase will be occurring, and the Health Care Reform Act has something to do with the increases in insurance rates. He was willing join hands with other villages and buy in bulk to save costs.

References:

Health Insurance
This slideshow explains the concepts about healthcare insurance industry in India.

Hannah Punitha (IRDA Licence Number: 2710062)

Ken Harris

Source-Medindia