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Companies may adjust health insurance policies

Posted On Thu, October 20, 2011

A recent proposal from a member of the employee benefits industry noted that companies may be inclined to change their employment setup in order to save money on health insurance premiums.

Patrick Haraden, a principal for Longfellow Benefits, spoke to the New England Employee Benefits Council regarding these policies and noted that by using fewer full-time members, companies could save significant amounts of money. The more part-time individuals involved would mean a lack of health insurance requirements from the company.

"The opt-out credit is undergoing a revival," Haraden said. "This means rewarding employees who rely on their spouse's employee for coverage. Regulations, not human resources, define who's deemed a full-time, temporary or seasonal employee."

In addition, companies could deny coverage of an employee's dependents, which may cut costs significantly, Haraden added.

Consumers who fear this could happen, or already work in a non-full-time situation, may want to look out for health insurance quotes to see which plan is best for the money. There may be a plan that includes the coverage needed for a lot less than a person's current setup.

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