Poll on Health Ins premium increase and payment experiences

[fisherman]

For those of us that have managed to get individual Health Ins I am curious as to the premium increases you have seen each year and what your experience has been with getting payment if you go above your deductible in costs.

We have had our policy for four years and the increase has been 12% every year but last year when it was 25%. This years came in and was 12% again. It is an old policy not subject to the new law so the new law is not a factor in the 25% increase. No one on the policy passed a rate ban last year either.

In the last four years we have never met our deductible so we have no experience with dealing with the Ins co for major costs or hospitalization yet.

This is not a scientific poll and is just an attempt to get over all experiences in the Individual market.

 

[dgoldenz]

Your own personal claims experience has nothing to do with your rate increases. I had one client last year rack up about $80k in claims and they didn't get any rate increase this year.

 

[fisherman]

Boy that was fast. You replied in less than one minute of my hitting the enter key! Impressive. I cannot type that fast.

I realize that claim experience is not suppose to effect the premium and that is not what I was trying to measure with the limited poll options. It is two questions in one. What is your premium increase average and what is your experience with claims. These are to the two biggest areas of concern for me and also the biggest areas for FUD in the market. Hopefully this will get some good actual information and not be pulled down into politics.

 

[dgoldenz]

Understandable....and looking at the post times, it was about 10 minutes after. I am fast though.

 

[73ss454]

Our health ins went up about 15% this year. We are lucky that we only pay 10% of the total cost.

 

[Mulligan]

I would like to vote but there is no icon to vote for a 15% decrease in premium. I have had no claims while on plan.

 

[Dimsumkid]

I would like to vote but there is no icon to vote for a 15% decrease in premium. I have had no claims while on plan.

You can vote...you would pick bucket #1.

 

[Mulligan]

You can vote...you would pick bucket #1.

Ok.. you busted me for bragging. I'm sure it will be my turn to complain about rate increases the next time!

 

[NW-Bound]

As our HSA policy is with an annual deductible of $10K, we do not expect to make any claim, and of course hope to keep it that way.

No chronic conditions, no periodic visits to the family doctor, no nuthin'.

Yet, our last increase was for 17.6%.

At this rate, we will be paying a premium of $30K per year before we can get Medicare. And who knows what annual deductible it would be. Maybe $75K/year?

 

[ksr]

Over four years, my premium has literally doubled. However, the rate increases didn't happen smoothly - when I turned 50, I jumped into a different age/rate bracket and saw about half of that increase in one year. I'm just hoping things settle down for a while before I hit another bracket.

I have had no claim experiences.

 

[dgoldenz]

By the way, United Health One (individual market part of United Healthcare) just announced a 10% rate reduction in Virginia and 5% in some other states. This tells me two things:

1. They were getting slaughtered by Anthem BCBS on rates here in VA
2. Health agents have stopped selling health and moved on to other fields because of commission cuts. Less business = reduce price to sell more policies.

 

[dgoldenz]

Over four years, my premium has literally doubled. However, the rate increases didn't happen smoothly - when I turned 50, I jumped into a different age/rate bracket and saw about half of that increase in one year. I'm just hoping things settle down for a while before I hit another bracket.

I have had no claim experiences.

Someone that applied through me for a policy today had a group plan that was $1200/month for just himself at age 59. At age 60, the premium went up to $3400/month....for one person. The family rate for a 60+ year old on that policy was $7400/month. I'd like to meet the people paying $7400/month for health insurance.

 

[Silver]

Someone that applied through me for a policy today had a group plan that was $1200/month for just himself at age 59. At age 60, the premium went up to $3400/month....for one person. The family rate for a 60+ year old on that policy was $7400/month. I'd like to meet the people paying $7400/month for health insurance.

Do you think these people, and others, have decided to self-insure as an alternative? Just curious......I don't mean to detour the thread away from the intent of the OP's survey.

 

[frank]

I thought the new health care plan by obama was supposed to help the average guy. I have not seen or heard of any component of the new plan that will decrease my bill but will more than likely increase the premium because of the inability to deny people with pre-existing conditions. anyone hear of anything that will reduce the premiums coming from the new health care initiative? I have lots of claim experience and dw has had heart surgery, arithmia implant, etc. no problem with claims once the deductible was met. I can't imagine paying 3400 a month much less 7400. I don't know how people are paying these rates. If this comment is in the wrong area, I'm sorry but just wanted to say something.

 

[frank]

I think that when it comes to 3400 a month I would seriously consider self-insured. what good is retirement if all your money goes to the insurance industry. I would pay my own medical bills, go broke and then go on some form of federal insurance for the indigent.

 

[dgoldenz]

I think that when it comes to 3400 a month I would seriously consider self-insured. what good is retirement if all your money goes to the insurance industry. I would pay my own medical bills, go broke and then go on some form of federal insurance for the indigent.

I'd do the same. Unless you are getting cancer treatments for $100k+ per year already, who in their right mind would drop $40k/year on health insurance? I believe $3400/month is the "we want you off our plan" rate.

 

[NW Landlady]

My premium has barely gone up in the past 2 years, but it jumped 3 years ago by 20%+. Most likely reason it went up is I changed "Age Bracket" (ie now over 55 yrs of age) -- you might want to check with your ins company to see if that is what happened. Rates vary based on participant's age & since we are getting older, sometimes we move up into a higher rate bracket.
Just a thought.

 

[bikeknit]

I just bought individual health insurance last year and my policy went up 10% at the new year. when I bought the policy, my insurance company told me that I could move to a lesser plan without going through underwriting again - and that's what I'll do if I see the kinds of increases you all are seeing. Hoping I remain as healthy and can live with a higher deductible and less coverage for day to day stuff.

 

[frank]

remember that you can always lower your coverage, but if there is a problem and you want to increase coverage you will have to go through underwriting again. my insurance company raised my rates by approx. 14% with a 1600 deductible, and told me that I could save 14.5% by going to a 2600 deductible. If I go to the 2600 then I am stuck with it. they will increase my rates anyway but this way once I pay the 1600 deductible I am done except for premiums. They want you to have the high deductible, and not hit it every year so they have to do no claims, just collect premiums.

 

[scrabbler1]

I bought an individual HI policy in January of 2009. In 2010 it went up 20%. In 2011 it went up 25% so that is a 50% increase from 2009. I am paying nearly $700 a month for one person. I am 47 and healthy (no claims). At this pace (+20% per year) I will be paying over $50,000 a year in 10 years, with 8 more to go before I can become eligible for Medicare. Obamacare or some substitute better stop this.

I could not find any high-deductible plans here in New York. I found my plan through ehealthinsurance.com which was a good deal when I was paying $469 a month in 2009.

 

[frank]

I keep thinking there has to be a stop to these increases also, but they have been going this way for the last 10 years. as I said earlier in this article, I don't see where obama's plan is going to do anything put make the prices higher. does anyone see anything in obama's plan that goes toward reducing premiums? the only thing that I can see to make things better is to stop giving free insurance to government and corporate people, that would make the market more competitive, like the auto insurance.

 

[eridanus]

Curiously, I see plans from ehealthinsurance.com that are lower than what I'm paying (same company, with a lower deductible). My plan must be in the "drive everyone out" phase.

 

[sheehs1]

Not certain how to vote. I change plans every 2 years or so because the premiums keep going up. At one point my premium for my college age daughter and myself was going to be over $700. I think that was 4 years ago or so. That's when I started increasing deductibles and/or going thru underwriting to jump to another plan. Currently I am insuring just myself, am age 55 on Anthem Premier and pay $323 a month with a $3500 deductible. ...which is about where I was for the "two" or us 7 years ago with a $500 or $750 deductible. I'm o.k with the premium but not o.k with the deductible.

I certainly do not go to the doctor like I used to either...but is a result of these high premiums and high deductibles.

 

[dgoldenz]

Curiously, I see plans from ehealthinsurance.com that are lower than what I'm paying (same company, with a lower deductible). My plan must be in the "drive everyone out" phase.

You could have a higher risk class than the preferred rates you see on ehealth or the policy you have could be filed under an old plan number since it's grandfathered, while the new plans have to comply with the laws. Grandfathered plans will probably have big rate increases in the future because there are no new people entering into the pool.

 

[ERhoosier]

It will be interesting to see how premiums for state "high risk" & federal insurance exchanges will compare in 2014. Assuming no significant improvements in this area.