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fisherman · 03-02-2012, 11:07 PM

Just got our annual increase for our individual Health Insurance. This is year five of an individual plan for us. It has been 12% increases every year up to this point.

last year we raised the deductible from 5K to 7K to keep the increase down to 12%. This change also moved us from a grandfathered plan to a non grandfathered plan the letter said.

When I called the Ins company to ask what this meant they explained that this was saying our new policy was subject to the portions of the new laws that are in effect now. We got full preventive coverage instead of just $300 max per person. Our lifetime cap of 7 million went away and the kids can stay on the policy till 26 now. I asked them how much all that would cost me next year and they said probably very little extra as they were limited to I think 20% profit on Individual policies in the new law. I did not really buy all they were saying but I did not have much choice other than going back to full time work.

The full preventitive coverage saved us a few hunderd last year and we did not get close to the deductible so that part was definitely an improvement.

When the letter came today I opened it with the usual dread and hoped it would not be more than the standard 12% increase. It was a shock! The increase was 4.6%. Yes. less than half what it usually is even after getting more benefits which never happened before. The past years where a 12% premium increase with no benefits and sometimes a deductible increase to keep it to 12%. I am very happy about this. It is a welcome change.

frank · 03-03-2012, 05:28 AM

My increase came a couple of years ago and was 8%. I am happy with that as it is usually quite a bit higher. The plan we had was grandfathered in, does that mean it is a good thing or a bad thing? If I was grandfathered in do I not get the new benefits? Do I have to change my policy to get the new benefits? what exactly are the new benefits? any advice would be helpful.

TromboneAl · 03-03-2012, 08:20 AM

14% for Lena and 6.5% for me.

fisherman · 03-03-2012, 08:46 AM

Al,

Are either of your plans subject to the new laws?

Midpack · 03-03-2012, 08:57 AM

Quote:

Originally Posted by fisherman

When the letter came today I opened it with the usual dread and hoped it would not be more than the standard 12% increase. It was a shock! The increase was 4.6%. Yes. less than half what it usually is even after getting more benefits which never happened before. The past years where a 12% premium increase with no benefits and sometimes a deductible increase to keep it to 12%. I am very happy about this. It is a welcome change.

Nice to hear some good news now and again, good for you!

Brat · 03-03-2012, 09:08 AM

Did you catch the statement that their profits are limited to 20% under the new law?

Oh my!!! Can you imagine what they were earlier?

pixelville · 03-03-2012, 03:53 PM

We got about 10% increase in Oct 2011 and another 12% in January of 2012. We are in the process of moving from IL to CA, so didn't bother since we will need to go through the underwriting process again I believe. Correct?

Mulligan · 03-03-2012, 03:53 PM

Quote:

Originally Posted by frank

My increase came a couple of years ago and was 8%. I am happy with that as it is usually quite a bit higher. The plan we had was grandfathered in, does that mean it is a good thing or a bad thing? If I was grandfathered in do I not get the new benefits? Do I have to change my policy to get the new benefits? what exactly are the new benefits? any advice would be helpful.

I dont know all of them, but 2 are the "free annual physical" and uncapped liability in cost coverage. Make sure that the physical isnt a total comphrensive one, as there have already been a few war stories on people taking additional tests they thought were free but get billed for them because they werent part of the "free physical". FWIW- I am under a grandfathered plan also with a 7 mill. cap. I checked ehealth insurance to compare my exact same plan under new rules. It is about $30 a month more than mine. That would probably cover the "free physical" so the price is baked into the premium. I am not in any hurry to upgrade. BTW- I was fortunate my premium has not gone up in the year and have or so I have had it. The uncapped cost liability is a little intriging I most admit. However, I probably havent spend $1000 on medical costs in 40 years, so 7 million seems alot for the time being though I guess a rare illlness or injury could swallow up a lot of that.

TromboneAl · 03-03-2012, 07:43 PM

Quote:

Originally Posted by fisherman

Al,

Are either of your plans subject to the new laws?

No clue. I guess I should look into that.

ERhoosier · 03-03-2012, 09:09 PM

Still working (lg university) & this yr my employee contributions have gone up to >50% of total cost of coverage! Looks like group HI may no longer be a reason to stay employed much after July (with COBRA's 18mo bridge to 2014)