Recently I was concerned with the reduction in my income and increase in my expenses every month. Was reading lots of Personal finance, Budgeting related blogs and articles from Money magazine.
One important article in this month's Money magazine which is worth mentioning is about the Health care - latest act. All US states have exchanges from where you can buy Medical insurance, if you have opted to declined the insurance provided by your employer.
Since this is the Open Enrollment period, All the employers will be sending remainders, follow ups for enrolling in insurance plans for next year. Initially when I started, I didn't understand much about the benefits plans. Now we have new family member in my family, I was keen on medical expenses, tracking and planning for the next year.
Below are some of the changes I have noticed from last year to this year which I noticed, thought of highlighting for your reference and also for me to keep track of these changes:
* Insurance Cost for the Medical, Dental, Vision is increase almost around 10%. If you have more than one dependent, your insurance cost will eat up considerable amount from your pay check.
* No change in Health Flexible Spending Accounts this year. We have tax advantages for the amount we are depositing in FSA account, Only disadvantage of this plan is the following policy - "Use IT or Lose IT!". You have to more careful in planning the FSA Amount. If end up putting more amount and didn't use it, we have a risk of losing the money. So be CAREFUL!
* SwiftMD/Telemedicine is the new addition from last year in my employer provided benefits. We don't have to pay anything extra for this component. I am planning to explore more on this option, and you can get prescriptions over the phone from SwiftMD doctors for more generic medical problems like cold etc.
* Note the Out of Pocket maximum limit increased. Even though I am not going to touch the maximum, it will be good if we are aware and keep informed with the changes.
* The Life insurance coverage for Dependents which was provided by my employer was removed. As Anticipated, My employer is not providing the life coverage for employee's dependents free of cost. It is available free of cost only for the employees.
Insignificant changes:
* New Vendor for managing the Health FSA
* Will not be getting a new ID, since I am staying in the same plan from last year.
Thanks and Regards,
One important article in this month's Money magazine which is worth mentioning is about the Health care - latest act. All US states have exchanges from where you can buy Medical insurance, if you have opted to declined the insurance provided by your employer.
Since this is the Open Enrollment period, All the employers will be sending remainders, follow ups for enrolling in insurance plans for next year. Initially when I started, I didn't understand much about the benefits plans. Now we have new family member in my family, I was keen on medical expenses, tracking and planning for the next year.
Below are some of the changes I have noticed from last year to this year which I noticed, thought of highlighting for your reference and also for me to keep track of these changes:
* Insurance Cost for the Medical, Dental, Vision is increase almost around 10%. If you have more than one dependent, your insurance cost will eat up considerable amount from your pay check.
* No change in Health Flexible Spending Accounts this year. We have tax advantages for the amount we are depositing in FSA account, Only disadvantage of this plan is the following policy - "Use IT or Lose IT!". You have to more careful in planning the FSA Amount. If end up putting more amount and didn't use it, we have a risk of losing the money. So be CAREFUL!
* SwiftMD/Telemedicine is the new addition from last year in my employer provided benefits. We don't have to pay anything extra for this component. I am planning to explore more on this option, and you can get prescriptions over the phone from SwiftMD doctors for more generic medical problems like cold etc.
* Note the Out of Pocket maximum limit increased. Even though I am not going to touch the maximum, it will be good if we are aware and keep informed with the changes.
* The Life insurance coverage for Dependents which was provided by my employer was removed. As Anticipated, My employer is not providing the life coverage for employee's dependents free of cost. It is available free of cost only for the employees.
Insignificant changes:
* New Vendor for managing the Health FSA
* Will not be getting a new ID, since I am staying in the same plan from last year.
Thanks and Regards,
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