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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Plan Participants and their Health Insurance Costs

Whether its premiums, deductibles or out of pocket expenses, most plan participants anticipate an increase in costs over the next year. 

| BY Kent McDill

Defined contribution plan participants are often taking advantage of the retirement plans offered by their employers. They also take advantage of the health benefit programs offered by their companies.

In Spectrem’s latest Defined Contribution Participant Insights report Financial Attitudes and Concerns of Retirement Plan Participants, plan participants were asked about their health insurance coverage and costs. Eighty-nine percent of plan participants get private insurance through their employer as of January 2015.

Four percent report getting their insurance through Medicare with supplementary coverage, and 3 percent have an individual plan purchased from an insurance company.

Almost 30 percent of plan participants expect their health insurance costs or out-of-pocket expenses to increase substantially in the next year. That is especially true of participants with less than $10,000 in their balances (42 percent) and those who are between the ages of 35 and 49 (40 percent).

Most of those expecting increases in premiums are anticipating paying 5 to 10 percent more in the coming year, while 23 percent think they will be paying between 11 and 20 percent more. Eleven percent believe they will be paying less in premiums this year than last.

Sixty-five percent of plan participants expect their deductibles to rise in the coming year, with 43 percent expecting increases of no more than 20 percent. Eight percent believe they will be paying more than 50 percent more in deductibles in the coming year.

There are similar concerns about out-of-pocket expenses, with 46 percent of plan participants expecting increases in OOP of up to 20 percent. Thirteen percent believe they will have at least a 50 percent increase in OOP one year from now.

Even with all the anticipated increases, most plan participants intend to stay with their employer insurance plan. Ninety-one percent claim it will be unlikely or very unlikely they will change insurance plans in the coming year.


About the Author

Kent McDill


Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.