Health Insurance Benefits

Did you know that employers first started offering health insurance as a benefit during World War II? During World War II, there was a nationwide wage freeze. Employers offered health insurance as an incentive to lure top talent.

Early offerings of health insurance came with a catch. You had to pass a physical to get the benefits. Imagine what would happen if employers tried to do this now.

During the 1940s, health insurance cost employers about 1/2 of 1 percent of payroll. Today, many employers pay more than 5 percent of their payroll to provide health insurance to its employees. Most people expect their employer to pay for health insurance. We forget that it is a "benefit" and not an obligation.

Health insurance 'benefits' has become a standard expectation and has helped health insurance companies grow. Healthcare costs are one of the reasons American companies outsource their work. Very few companies can afford to pay for their employees' health insurance without outsourcing some of their labor.

One spouse, two policies

If you and your partner or spouse both receive health insurance from your employers, it might make financial sense for you to be covered by different policies. Don't assume it is best for one spouse to cover the entire family. Consider what could happen if the spouse is laid off. If one spouse's health insurance cover's the entire family and is laid off, it could be months before you are able to apply for health insurance again. If you decide to have one spouse cover the entire family, find out if the other spouse can be compensated in some way for money that they are saving their employer.

Health insurance and Pre-existing Conditions

A pre-existing condition is a medical condition for which a person has been diagnosed or treated before joining a new health insurance plan. Thanks to HIPPA, pregnancy is no longer considered a pre-existing condition.

When is a Pre-Existing Condition covered?

A pre-existing condition will be covered without a waiting period when you join a new group if you have been insured the previous 12 months. This is when COBRA becomes especially important. If you lose your job and are uninsured for a few months before you find a new job, your new employer's health plan may not cover your pre-existing conditions. If you are covered by COBRA during the time in-between jobs, you won't have a lapse of health insurance coverage and your new health insurance will cover your pre-existing conditions.

If you have a pre-existing condition and have not been insured the previous 12 months before joining a new health insurance plan, the longest you will have to wait before you are covered for that condition is 12 months.

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