This Just In…

In a fall 2011 survey, the vast majority (82 percent) of employees said they were “better suited” than their employers to choosing their health plan, but their actions said otherwise. The survey, conducted by Kelton Research, found that the majority of employees didn’t know much at all about their health insurance coverage and its costs.

Fewer than half (46 percent) of respondents with employer-based coverage said they reviewed their health insurance costs annually.

• Only 35 percent knew how much their plan’s annual deductible was.
  
  
• Only 33 percent knew how much they contributed toward premiums for dependent coverage.
  
  
• 25 percent spent only 30 minutes or less reviewing their plan options during open enrollment.
  
  
• Only 18 percent knew what their employer contributed to health insurance premiums each month.
  
  
• Only 13 percent knew the amount their employers would pay toward dependent coverage.

The new W-2 reporting requirements will make at least some employees better informed. Starting with tax year 2012, employers that issue more than 250 W-2 forms must show their contributions toward health insurance premiums on the W-2s. Employees will not be taxed on these amounts. By tax year 2014, the requirement will apply to all employers.

 
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In this issue:

This Just In...

Health Care Reform: What’s Happening in 2012

Accountable Care Organizations: Solution or Same Old Thing?

COBRA Benefits: What You Need to Know

Saver’s Credit Makes Saving for Retirement More Attractive

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