White Collar Execs Losing Florida Health Insurance Benefits, Says Florida Consultant
(PRWEB) April 24, 2008 -- A college graduate with a high-tech degree used to be able to demand a big salary, health insurance, maybe even a fancy car; but now those white collar managers are finding their salaries cut, their BMWs gone, and their health insurance plans dwindling down to nothing. A recent report published on Florida health insurance (http://www.floridahealthinsuranceweb.com) web, says white collar workers are losing company paid benefits and insurance programs even without losing their jobs.
Many of us believe that if we have a good job with benefits, we're safe. Florida health insurance consultant Morgan Moran said that a benefit cutting trend is appearing across Florida. "Many highly skilled workers -- those who are still employed -- are finding their employer funded insurance plans are no longer offered."
The Economic Policy Institute (EPI) released a disturbing report this week which revealed how many white-collar workers in Florida have lost their employer-based health insurance in recent years, even though they didn't change jobs. Moran, a Jacksonville business and insurance consultant said, "We all have been taught that if we work hard, and hold onto our job, that our insurance will be safe ... sadly that is no longer the case."
Moran continued, "If a company is having financial problems, and they want to reduce costs, they may start cutting in the benefit department." Usually the employer will begin by shifting the cost of the health insurance (http://www.floridahealthinsuranceweb.com) premiums to the employees in the form of higher co-pays and deductibles, but eventually a lot of these companies will decide that they cannot continue to offer insurance at all, leaving another person in Florida without health insurance, Moran said.
"Most white collar professionals who are earning more than $150,000, those who have reached the top of the occupational ladder are especially likely to assume that their employer is not going to cut their health insurance coverage, but they may be in for a big surprise."
Many companies are struggling with rising fuel costs, or other business costs that are on the rise caused by those rising fuel costs. Moran said, "Cutting health insurance bonuses to employees is next on the list for those considering cutbacks, layoffs being next."
THE EPI REPORT
In the EPI's report, published this week on www.FloridaHealthInsuranceWeb.com, shows the share of workers with employer-provided health insurance policies is down more than 5%; but the troubling data shows that workers in white-collar occupations -- including executives, managers and workers in professional specialties -- were just as likely as blue-collar workers to lose their insurance benefits.
Insurance premiums also rose over the last 7 years, up 78 percent since 2001. Moran said, "Some employers are beginning to chafe under the very costly burden of providing first-class health insurance benefits to their white-collar employees, the only way out for most of these companies is to reduce benefits."
UNIVERSAL EXPERIENCE -- "More and more of our residents are living without health insurance ... their security blanket is disappearing across the entire age and education spectrum, including prime-age workers and those with college degrees," the consultant noted. "These findings show that health insurance insecurity is now a broadly shared American experience."
Moran concluded in the very near future, "we will need universal programs that pool risk across large populations", "if universal insurance is going to cover everyone at an affordable price -- even if they are sick -- we will have to mandate coverage ... and if we are going to have a mandate, we have to provide adequate subsidies on a sliding scale for those who cannot afford the coverage."
As employers back out of the health benefits business, you may try to get insurance on your own and discover just how expensive it is. Rates vary by company, but a consultant can guide you to the right policy, at no additional cost. Florida health insurance web is a free insurance consulting service located on the web at www.FloridaHealthInsuranceWeb.com
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