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Old 12-28-2010, 08:47 PM
 
1 posts, read 2,987 times
Reputation: 10

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I have read that an employee only has to pay 1.5% of their monthly wage for employee provided health insurance, but how much does it cost to cover dependents? I read that a 7(a) plan requires the employer to pay 50% on dependents but the 7(b) plan does not specify. What are the differences between the two? Thanks
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Old 12-29-2010, 12:14 PM
 
Location: Hawaii-Puna District
3,753 posts, read 10,497,469 times
Reputation: 2466
Single coverage for many people is free simply because the cost of administering/collecting the 1.5% isn't worth the effort for the company.
Dependent (family) coverage tends to run $300-$600 extra for the employee, if the employer doesn't pick up the costs. There are only a few insurance companies, with a very small number of plans from which to choose from because the benefits/plans must adhere to a strict definition from the state.
One cannot choose to not have health insurance (and get a bigger paycheck from the employer) unless they provide proof of other insurance coverage to the state.

As a severe side effect, Hawaii's health care law has created a state full of 19 hour per week jobs which means those employers don't have to provide health insurance. many people work 2 or 3 part-time jobs to make ends meet and consequently, do not have health insurance.

This law is one of the reasons why jobs tend to pay less in Hawaii. That "free" health care is part of your pay. It is a case of; "Do you want more pay or get less pay with insurance?"
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Old 12-29-2010, 12:27 PM
 
Location: Kailua Kona, HI
3,199 posts, read 12,320,244 times
Reputation: 3407
To add my husband to my employer-provided insurance (which has no vision, dental or prescription coverage) would cost me $550/month.
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Old 12-29-2010, 04:21 PM
 
9 posts, read 20,978 times
Reputation: 12
HMO's are making a killing everywhere in the nation. When is that Obama care gonna kick in?
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Old 12-29-2010, 04:38 PM
 
Location: Kailua Kona, HI
3,199 posts, read 12,320,244 times
Reputation: 3407
Quote:
Originally Posted by Kamaaina_Only View Post
HMO's are making a killing everywhere in the nation. When is that Obama care gonna kick in?
Well, the question I have, is who is going to pay for all that ??
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Old 12-30-2010, 10:09 AM
 
31 posts, read 40,925 times
Reputation: 22
Quote:
Originally Posted by Kamaaina_Only View Post
HMO's are making a killing everywhere in the nation. When is that Obama care gonna kick in?
Do you have any hard numbers about the profit of HMO's? Obama care will only do what such meddling always does - make things worse, as, of course, more of what has made things bad, won't make them better.
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Old 12-30-2010, 12:04 PM
 
Location: Hawaii-Puna District
3,753 posts, read 10,497,469 times
Reputation: 2466
Quote:
Originally Posted by Kamaaina_Only View Post
HMO's are making a killing everywhere in the nation. When is that Obama care gonna kick in?
Mandating additional coverages will only cause rates to go up.

Furthermore, the Hawaii health care insurance companies are not exactly raking in the profits.

HMSA reduces loss to $4.1M on higher rates - Hawaii Business - Staradvertiser.com

Kaiser losses up to $5.1M - Hawaii Business - Staradvertiser.com

Kaiser raising co-payments New Year's Day - Hawaii Business - Staradvertiser.com

.
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