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Americans with employer-based health insurance paying more

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(KYTX) -  It's 2014, and that means the Affordable Care Act is in effect. The past several months have been dominated by talks about people buying insurance on their own. But, according to insurance analysts at Bankrate.com, the majority of Americans are insured through work. And, they're feeling a pinch too.

According to Bankrate.com, 47% of Americans say more money is being taken out of their paychecks for health insurance compared to a year ago. And, that's not all they're noticing.

It's not just the additional money coming out of people's paychecks. It's all the extras. The report from Bankrate.com shows 44% of people are now paying higher out-of-pocket costs than they were a year ago.

Insurance analyst Doug Whiteman says those costs include deductibles and co-payments at the doctor's office.

"I think it is noticeable when you have been paying $25 every time you go to the doctor and then suddenly, you're paying $35 or $40 for a co-payment."

He says that can be an uncomfortable adjustment.

"It's something you've just got to keep an eye on."
 
Last month, Jason Jennings told us he was going to be forced to make changes because of health insurance costs.

"My wife and I have four children. And, our healthcare cost is going up. It's already gone up this past year and it's going up this year. So, we'll definitely be adjusting our budget and keeping a close eye on our income and our outgo every month."


"This is a big part of the family budget and it's getting bigger all the time." says Whiteman. "So, people really need to take a close look at their options when they have a chance to choose a health plan at work."

In some cases, Whiteman says people covered by their employer may want to consider a more cost-effective plan through the Obamacare exchanges. He says it's all about examining the big picture. That means researching premiums, out-of-pocket expenses, and how much you actually rely on your health insurance.

You might be able to lower those costs coming out of your paycheck by going with a higher deductible, but remember that the deductible is what you will pay first before your insurance kicks in.

For example, if you have a $5,000 deductible, know that you will be responsible for all of those costs. You have to ask yourself if that's something you can afford.


 


 



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