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Health insurance premium increase
Old 08-03-2009, 03:24 PM   #1
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Health insurance premium increase

FYI: the age 60 premium increase is a doozy. Mine just went from $351 to $431. I have a $2700 deductible and have not in 3 years come close to approaching it. I have made no claims for new medical conditions either. I really don't understand why 60 is such a big health insurance threshold.

I wonder if there is another big increase in my future before age 65 and Medicare (assuming it doesn't go broke)?
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Old 08-03-2009, 04:48 PM   #2
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Things go down fast after age 60 for most of the population. I know I have. oldtrig
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Old 08-03-2009, 05:09 PM   #3
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It doesn't seem fair, Oldbabe, but I suppose insurance companies expect that the older we get, the sicker we will be. Which isn't necessarily true but companies do not look at us as individuals but rather as statistics. I don't take any prescription drugs, saw my PCP once this year and once last year, get a mammogram every year or so, see the gynecologist annually or every 18 months or so. I work with people 20 years younger who are getting all kinds of surgeries, running to endocrinologists, foot doctors, orthopedic surgeons, neurologists, allergists, etc., every time I turn around. You would think they were a hundred if you heard their ailments and would be amazed at the sick leave they take. I exercise, have never smoked, drink very moderately, keep my weight down, but if I had to purchase my health insurance individually I am sure they would see me only as 55 year old woman whose mother died of CA and whose father died of a heart attack. I continue to work primarily for the paid group health benefits.
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Old 08-03-2009, 05:42 PM   #4
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The increase may not have been for reaching age 60. Mine went from $204 to $286 this year at age 58. When I went online I noticed that even if I were still 57 the price would have gone to $275. So of the 40% increase, 5% was age related and 35% was the standard price gouging increase.
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Old 08-03-2009, 06:25 PM   #5
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The increase may not have been for reaching age 60. Mine went from $204 to $286 this year at age 58. When I went online I noticed that even if I were still 57 the price would have gone to $275. So of the 40% increase, 5% was age related and 35% was the standard price gouging increase.
Darn, and I was complaining about my 15% increase.
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Old 08-03-2009, 06:34 PM   #6
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I should have mentioned that one year after I got my policy, at age 58, the premium went up from $256 to $351. Now this one. Two increases for a total of 59% increase within three years.

I have been seriously thinking about getting a McJob for the health insurance but the problem would be if I lost/quit the job, I might not be able to get another individual policy. It's just a catch-22 at this point.
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Old 08-03-2009, 07:51 PM   #7
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I should have mentioned that one year after I got my policy, at age 58, the premium went up from $256 to $351. Now this one. Two increases for a total of 59% increase within three years.
Wow! Which state do you live in?

In NJ, my premium went up 15% this year - my first renewal. This was the max allowed by the state for policies written before some date in 2008. So, the insurance company was trying to get me to buy a new policy which had a slightly lower rate this year, but wasn't bound by the 15% increase limit. The slime-balls!

I however think that the doctors - especially specialists - are the main culprit in our health care cost & rate of increase.
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Old 08-03-2009, 08:01 PM   #8
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Our premiums are $13,200 a year, family policy (even though it's just us 2 on the policy). Yes, it's a broad policy and includes a prescription benefit. My employer pays the premium for me for now, but once I FIRE, that grosses up to $16,500 per year of payments.

You can be sure we'll raise the deductibe when the time comes, but the premium is not as much lower as you might think. I should just be glad we have access to a policy, however expensive.
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As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Old 08-05-2009, 03:38 PM   #9
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Wow! Which state do you live in?
Colorado. I guess there's no cap on % increases. And my insurance company is World Insurance, Great West. Don't insure with them, unless absolutely necessary.
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Old 08-05-2009, 10:02 PM   #10
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My big issue isn't so much the cost. I know I have the best deal in the nation for a risk pool. But I am stuck, unable to move anywhere else in the USA. Or Canada.
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Old 08-07-2009, 09:28 AM   #11
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Originally Posted by Oldbabe View Post
I should have mentioned that one year after I got my policy, at age 58, the premium went up from $256 to $351. Now this one. Two increases for a total of 59% increase within three years.

I have been seriously thinking about getting a McJob for the health insurance but the problem would be if I lost/quit the job, I might not be able to get another individual policy. It's just a catch-22 at this point.
If you started w*rking again, for the health insurance, couldn't you keep your primary policy and use the j*b's policy as a secondary policy. I would think that might help?? It probably would depend on how much you would get paid on the j*b and how costly their insurance policy was? At least if you quit the J*b, you would still retain your primary policy.
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Old 08-09-2009, 07:51 AM   #12
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$431 for health care. Wow, that's a good price. I've been on group policies and paid more than that. One even had a $400 some odd bump every 2 weeks if I added my wife.
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Old 08-09-2009, 08:26 AM   #13
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Ours actually went down about 5% last year (it's an HDHP with HSA), now about $700 per month combined between Megacorp and me (we pay about $95 of it). I'll know in a couple months how much it's going to rise this year. I'm certainly not expecting another drop.
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