increasing health insurance premiums

Melzombie

My boss just told everyone this morning that our (already expensive) health insurance premiums are going up 20%. 
Co-Pays are going up by $5 and prescriptions are slightly higher. 

I wonder how much this is COVID related. I'm already barely able to afford it.

anyone seen any increases yet? 

what dreams

I'm sorry to hear this. How do premiums go up in the middle of a plan year? Don't those rates go in effect when the new plan year starts?

I have my "open enrollment" period starting tomorrow for the plan year that starts July 1. My rates for the new plan year are actually going to be $20 less a month than this past year for the same coverage. I expect that next year we will see an increase but my employer already locked in the rates for this coming year. I suppose I'm lucky that I am in a larger, self-insured pool and rates are not as bad as someone in a smaller business. 

Melzombie

what dreams said:

I'm sorry to hear this. How do premiums go up in the middle of a plan year? Don't those rates go in effect when the new plan year starts?

I have my "open enrollment" period starting tomorrow for the plan year that starts July 1. My rates for the new plan year are actually going to be $20 less a month than this past year for the same coverage. I expect that next year we will see an increase but my employer already locked in the rates for this coming year. I suppose I'm lucky that I am in a larger, self-insured pool and rates are not as bad as someone in a smaller business. 

apparently our employment health plan is up for renewal on May 1... whatever that means.

what dreams

Melzombie said:

what dreams said:

I'm sorry to hear this. How do premiums go up in the middle of a plan year? Don't those rates go in effect when the new plan year starts?

I have my "open enrollment" period starting tomorrow for the plan year that starts July 1. My rates for the new plan year are actually going to be $20 less a month than this past year for the same coverage. I expect that next year we will see an increase but my employer already locked in the rates for this coming year. I suppose I'm lucky that I am in a larger, self-insured pool and rates are not as bad as someone in a smaller business. 

apparently our employment health plan is up for renewal on May 1... whatever that means.

I did hear a news report this morning about some insurance companies "struggling" to keep up with demands from CoVid. I don't really know how that works and how rates go up unexpectedly May 1. I'd ask more questions of your boss, if you are able. It sucks. So sorry for you and everyone else hard hit by this thing

rgambs

Fuck health insurance, bunch of bitches.
Struggling with COVID-19 my ass, they are struggling to keep attention away from their stock buybacks and and corporate bonuses.
Fuck 'em all.

Go Beavers

This is one reason we’ll have single payer insurance at some point. 

F Me In The Brain

This is going to be common.  Unreasonable to expect small businesses can support the costs they currently support when their businesses are in the trash.

gimmesometruth27

Melzombie said:

My boss just told everyone this morning that our (already expensive) health insurance premiums are going up 20%. 
Co-Pays are going up by $5 and prescriptions are slightly higher. 

I wonder how much this is COVID related. I'm already barely able to afford it.

anyone seen any increases yet? 

how big is your company, like how many employees? what state are you in?

mace1229

Ours have increased 7-10% every year for the last 10 years, while coverage has gone down to prevent the increase from being even higher.

mace1229

Just found out mine is going up almost $300/month for next year. Will cost us directly $1200 out of my paycheck while the district contributes about $1000.

what dreams

mace1229 said:

Just found out mine is going up almost $300/month for next year. Will cost us directly $1200 out of my paycheck while the district contributes about $1000.

Do you have your whole family on your plan? That's insane. 

Lerxst1992

Insurance companies will not be able to pay for all of covid. They will need a bailout at some point. Might as well go single payer after that.

mace1229

what dreams said:

mace1229 said:

Just found out mine is going up almost $300/month for next year. Will cost us directly $1200 out of my paycheck while the district contributes about $1000.

Do you have your whole family on your plan? That's insane. 

Yeah, whole family. Every district I’ve looked at covers most or all of your single. But then cover very little for a spouse and kids

mace1229

Lerxst1992 said:

Insurance companies will not be able to pay for all of covid. They will need a bailout at some point. Might as well go single payer after that.

They should just go bankrupt in my opinion. This form of insurance doesn’t make sense. Often times copays and coinsurance is more than the uninsured cash price anyway. Why pay $2200 a month in premiums just to pay more for the service?

mace1229

Actually worse than I thought, my portion is going up about $450/month, not just $300. Factor in my small pay increase my paycheck will only be about $300 less next year.
Get ready for teacher strikes in Denver again, guess they didn’t learn their lesson 2 years ago

Meltdown99

 Mine premiums never go up...

static111

Meltdown99 said:

 Mine premiums never go up...

But you don’t have all the choice up north that we do down here.

oftenreading

static111 said:

Meltdown99 said:

 Mine premiums never go up...

But you don’t have all the choice up north that we do down here.

You’re right. It’s much more difficult to choose to go bankrupt due to healthcare costs. Not impossible, but difficult.  

Meltdown99

static111 said:

Meltdown99 said:

 Mine premiums never go up...

But you don’t have all the choice up north that we do down here.

What choice do you have that makes paying through ass worth it?  I have no use for insurance, insurance salesman or the insurance industry...so I much rather let my government provide me health care...

pjl44

Lerxst1992 said:

Insurance companies will not be able to pay for all of covid. They will need a bailout at some point. Might as well go single payer after that.

Other claims are way down with elective surgeries on hold and fewer patients making routine care visits right now

static111

Meltdown99 said:

static111 said:

Meltdown99 said:

 Mine premiums never go up...

But you don’t have all the choice up north that we do down here.

What choice do you have that makes paying through ass worth it?  I have no use for insurance, insurance salesman or the insurance industry...so I much rather let my government provide me health care...

Sorry I was being sarcastic.  I would much rather that every American had some basic level of healthcare, even if that means some would have to go without their choice. To me it would be a much healthier society if the Millions without coverage or with inadequate coverage had access to healthcare that wouldn’t break the bank.  In the land of independence and personal responsibility too many people want to cling to their choice even at the expense of covering everyone.  The view becomes why do you want to take away my health insurance choice rather than why don’t we have a functioning healthcare system that can protect and cover everyone regardless of their socio economic, racial or gender status.  By all means if you want to pay an insurance company to approve you getting healthcare, go for it.  All of my friends from countries that have nationalized healthcare have no complaints about their level of care.  In fact it is largely wealthy and better off white people from here in the USA that I hear the most complaints about nationalized, single payer, and other government based healthcare systems from.