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New ER fixed rate insurance products
Old 03-13-2009, 07:37 PM   #1
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New ER fixed rate insurance products

Just an fyi of some new products that have hit the market recently - The company I work for and a competitor have both rolled out ER fixed rate products available for singles with terms of 1,3 and 5 years.

The availability (at least for us) isn't real widespread in our particular region and I don't know about the west but our competitor's comparable has been pretty popular thus far.

I don't know how good of a deal these are compared to what you all pay now + your yr over yr rate changes but it may be worth looking into or shopping around. Should be pretty easy to determine with a little math.

Even if it is similar in what you would pay based on your estimates, I think the fixed rate would add some level of comfort in the budget knowing what you would be paying for 'x' number of years.
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Old 03-13-2009, 07:42 PM   #2
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What type of insurance? Health?
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Old 03-13-2009, 08:41 PM   #3
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Originally Posted by FIRE'd@51 View Post
What type of insurance? Health?
health
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Old 03-26-2009, 06:36 PM   #4
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Some press release clips. Like I said, not sure if it's a good deal but may be worth looking into. Also, not sure how wide the distribution is at this point.

Ohioans Lock in Individual Health Plan Premium Rates for up to Five Years With Anthem Blue Cross and Blue Shield's Fixed Rate Option - - insurancenewsnet.com

More info:

Anthem Blue Cross and Blue Shield has introduced health insurance plans that provide members the option of locking in rates for three or five years. This "fixed rate" option grants consumers the peace of mind that comes from knowing that their premiums will not be subject to annual increases.

The fixed rate package is available to individual consumers in Ohio and Indiana between the ages of 50 and 63 who enroll in one of Anthem's Smartsense, Premier or Lumenos HSA health plans. It is designed to maximize savings for long-term Individual health plan members who are planning for retirement, entering a new stage in life where they made need individual coverage, or looking for the added security of a guaranteed price until they are eligible for Medicare.

The five-year fixed rate is an industry first, and comes at a time when the economic downturn has left many concerned about the unpredictability of health care costs. Anthem's innovative fixed rate option allows consumers to lock in premiums for either a 3-year (ages 50-63) or a 5-year (ages 50-61), so they know their costs in advance and can better manage their monthly living expenses. Members pay a higher monthly premium during the first year that will then stay the same for three or five years, depending on the option they choose.

SmartSense is a price-conscious health insurance plan for individuals, self-employed, "early" retirees, students and the uninsured. The plan is designed to provide protection against expensive and unexpected medical bills while providing drug coverage options and up to three physician office visits a year before the member has to meet a deductible.

Premier is designed for families with children or those planning to have children who want the security of a comprehensive benefit design with lower out of pocket costs. The plan includes unlimited coverage for office visits prior to meeting a deductible and preventive health benefits.

Lumenos HSA is a consumer-driven health plan to help individuals and families control their out-of-pocket health expenses. Members can set up a health savings account funded by tax-deductible contributions to pay for covered services until their deductible is met and traditional health coverage commences.
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Old 03-27-2009, 11:53 AM   #5
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Originally Posted by wildcat View Post
Some press release clips. Like I said, not sure if it's a good deal but may be worth looking into. Also, not sure how wide the distribution is at this point.


The fixed rate package is available to individual consumers in Ohio and Indiana between the ages of 50 and 63 who enroll in one of Anthem's Smartsense, Premier or Lumenos HSA health plans.
Looks like limited availability within Anthem's service area. These may be the only states where they filed the coverage, or where it has been approved by the insurance commissioner.
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Old 03-27-2009, 12:02 PM   #6
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Usually these "lock in the price long-term" contracts work out badly for the purchasers who buy them out of fear of the unknown. Look at the folks who locked in heating oil contracts back in June and July of last year...

If these weren't likely to be a good deal for the entity offering it, they wouldn't offer it. So there's certainly a built-in "security premium" being built into the pricing.
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Old 03-27-2009, 01:41 PM   #7
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If these weren't likely to be a good deal for the entity offering it, they wouldn't offer it. So there's certainly a built-in "security premium" being built into the pricing.
Definitely.....trust me, health insurers are here to MAKE money, and lots of it. It's pretty easy to analyze all the policies out there, and offer a fixed rate at 15% higher than the average annual indexed ones, and give the buyer the perception of value........
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