We all know that insurance costs are skyrocketing and that is forcing many employers to make some tough decisions about what they do and do not offer protection for. Unfortunately, many employers are going the route of offering less coverage, especially in areas such as health care. In fact, consulting firm Deloitte did a survey that showed 1 of 11 employers plans to stop or greatly diminish offering health care insurance while another 10% of them remains undecided.
Impact On All Of Us
With rising costs and legislation changes, it’s not a huge surprise but it still makes life very complicated for anyone affected.
I think it’s very important to review all of your insurance coverage on an annual basis, even when it’s provided for free by the employer. That way, you will be better informed if ever your coverage changes and in a better position to know what you’d like to go and buy yourself. For example, my employer diminished the life insurance coverage that I was getting from 3 times my annual income to 1 time. That was something I was counting on to some extent so I eventually decided to increase my coverage through my already existing life insurance policy.
Don’t Quit Your Job
I’ve heard of a few different people that decided their job was no longer a good fit because they no longer had insurance provided by the employer. It’s possible that it will be worth it but I’d personally wait to evaluate:
-If that coverage was necessary/useful
-how much it would cost to replace
-if that becomes a deal breaker in terms of working for your employer
Personally, I don’t think I would quit my job. While it’s a great benefit, the cost of trying to find a new job with a competing salary + that insurance would simply be too high. However, that decision could very well be different for you. Have you ever been faced with such a decision?