Champion tennis player Venus Williams says she’s coming out of retirement because she needs health insurance, but industry experts say her example shows how little Americans understand their health care options.
Williams went viral after beating Peyton Stearns, the 35th-ranked player in the world, in straight sets Tuesday night. At age 45, Williams became the oldest woman to win a Women’s Tennis Association match since 2004. During a post-match interview, she revealed the reason she came back to the court is because she needed health insurance.
“I had to come back for the insurance, because they informed me this year that I’m on COBRA. So it’s like, I got to get my benefits on,” Williams said. “I’m always at the doctor, so I need this insurance.”
The U.S. Department of Labor requires employers to provide health insurance to former employees who lost their jobs, retired, or other qualifying circumstances. The plan, called COBRA, is typically only available for 18 months. And it has a reputation for being expensive. Monthly plans average between $400 and $700 a month, according to Cobra Insurance, a direct to consumer insurer. The Department of Labor specifies that COBRA premiums cannot exceed 102 percent of what an employer pays to cover an employee.
However, Nancy Giacolone, employee benefits practice leader at Leavitt Group Northwest—a benefit brokerage outside of Seattle—isn’t convinced Williams has trouble affording coverage. Williams’ net worth is estimated to be $95 million, and FDTennis named her the seventh richest tennis player in the world, so “she can clearly afford individual coverage,” Giacolone says. Granted, Williams and many other Americans probably experience “sticker shock” when they see their COBRA rates because “most people don’t realize how much employers actually pay” to provide workers health insurance, Giacolone notes.
The WTA was quick to respond to Williams’ viral moment with a blog post calling the champion’s response “playful” and “kind of kidding.” The official blog also acknowledged Williams “probably wasn’t stressing too much about the monthly premiums” due to her high earnings.
“COBRA is a terrific benefit, but it can be extremely costly,” the blog reads. “Even more concerning than the costly premiums is the fact that once that finite period concludes, you no longer have any coverage.”
That last part of the WTA’s statement might be the root of Williams’ insurance woes. Giacolone says it’s possible that Williams “missed her window of opportunity” and didn’t choose an individual plan before her COBRA insurance expired. In which case, Williams “would have to wait till the first of the year to be covered for insurance,” she says. After being notified her COBRA coverage was expired, Williams might have decided “it was her only option.”
This has not been confirmed by Williams or her team. Inc. contacted Williams’ public relations firm, Jonesworks, but did not receive a reply by the time of publication.
Giacolone thinks it’s more likely Williams is facing the same problem most Americans have with health insurance — not knowing how to shop for it.
“She probably just doesn’t understand what the real options are, and that is one of the problems with our health care system right now,” Giacolone says. “It’s not easy to navigate, particularly when you’re trying to find your insurance options and how it works.”
Each state has literally thousands of health insurance plans available on the Affordable Care Act marketplace, the Kaiser Family Foundation says. Deciding on a health plan is a daunting task for any company, let alone an individual. Whichever plan you choose, you’re “locked into it until the next enrollment period,” Giacolone says. To make sure you get the best option, she says individuals should consult the same professionals companies use to choose their health insurance — brokers.
“Most people use a lawyer, they use an accountant, they use a mechanic, they use people that are experts in their field to help them solve complex problems or things they might not have the skill set for,” Giacolone says. “And if you don’t have the skill set to navigate insurance, you probably should get a broker.”
Shel Grossman, president and managing consultant at Blue Diamond HR, a New York-based human resources consultancy, notes the types of physical therapy and medical services Williams needs may not be covered on individual plans—at least not well.
“I think what she meant when she said she came back for the benefits, she means the staff and trainers who are there to support the players’ physical and emotional well-being through a team of dedicated health and wellness professionals,” Grossman says. “These are extras that wouldn’t be available to people on the exchange.”
Whatever the reason, Williams’ comment shows Americans’ knowledge of their insurance options still leaves them poorly served.
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