Yet another HI premium hike. Anyone else?

[Zoocat]

My World Health Insurance, Great West network, raised my premium today from $431/mo to $551/mo. Last year they raised it about $75/mon. Had anyone else had an increase lately? I am 61, btw. I thought the big hike occurred at age 60.

Not sure what to do about it. I could raise my deductible from $2700/yr to $5000/yr. I don't have many regular medical expenses right now, except for preventative care. But I wonder if I raise the deductible now, can I lower it again later if I need to? Has anyone done that?

I'm going to have a discussion with my health insurance agent about this and will report back.

 

[TromboneAl]

If it makes you feel better, part of your increase may be due to you jumping into a new age range.

But I wonder if I raise the deductible now, can I lower it again later if I need to?

If you develop some new disease or problem, you may not be able to (unless the rules have changed).

 

[Zoocat]

I thought the increase last year, when I turned 60, was the typical one for jumping into a new age group. Now, this year I am 61 and another increase. So, do I expect a $100 increase every year now?

 

[Zoocat]

Ok, I just found this current thread that answered my question. Apparently, increases are common every year after age 60. Oh boy. I'm going to check with my insurance agent for other alternatives. But I'm probably stuck with my skin cancer background.

http://www.early-retirement.org/forums/f28/insurance-increases-52359.html

 

[Mulligan]

Dusted off this thread as I got my notice of premium hike on my HSA deductible plan, today. Looks like about 15% from $62 to $71. Still it is .25 cents cheaper than a year ago, because it went down for some reason in January. Anyone else got a rate increase lately? Is 15% the going rate lately for people? Going from age 46 to 47, I don't think I crossed an age band. The letter gave various but no specific reason for the increase.

 

[dgoldenz]

Dusted off this thread as I got my notice of premium hike on my HSA deductible plan, today. Looks like about 15% from $62 to $71. Still it is .25 cents cheaper than a year ago, because it went down for some reason in January. Anyone else got a rate increase lately? Is 15% the going rate lately for people? Going from age 46 to 47, I don't think I crossed an age band. The letter gave various but no specific reason for the increase.

Better start cutting out some expenses to cover that increase. That's gonna bite.

 

[Mulligan]

Better start cutting out some expenses to cover that increase. That's gonna bite.

I know dollar wise it don't sound like much because I have a high deductible. I know others have it worse, but at a 15% yearly increase, it will take less than 5 years to double, and I haven't even hit the high cost age bands yet (so I better save for it). I was just curious if other people were getting hit again, or if it has slowed down a bit.

 

[dgoldenz]

I know dollar wise it don't sound like much because I have a high deductible. I know others have it worse, but at a 15% yearly increase, it will take less than 5 years to double, and I haven't even hit the high cost age bands yet (so I better save for it). I was just curious if other people were getting hit again, or if it has slowed down a bit.

Most companies have gotten away from age bands and just use the exact age to calculate rates. I've had some of my client's policies go up in price and some go down on renewal this year. United Health One just lowered their rates for new business in Northern VA by 22% to get more competitive with Anthem.

 

[fisherman]

12% each year for the last five years. The only advantage is this year they had to pay for more preventative due to the new law. That made the same rate increase a little easier to take.

We plan for 15% per year and yes the number gets really big later but then there is always Argentina if we get priced out of the country before Medicare.

 

[scrabbler1]

My World Health Insurance, Great West network, raised my premium today from $431/mo to $551/mo. Last year they raised it about $75/mon. Had anyone else had an increase lately? I am 61, btw. I thought the big hike occurred at age 60.

Not sure what to do about it. I could raise my deductible from $2700/yr to $5000/yr. I don't have many regular medical expenses right now, except for preventative care. But I wonder if I raise the deductible now, can I lower it again later if I need to? Has anyone done that?

I'm going to have a discussion with my health insurance agent about this and will report back.

My monthly rate went up from $469 to $561 in 2010 (+20%), then up to $694 for 2011 (+24%). I had enough of that and switched to a hospital-only plan which costs only $182 per month. I realize that I am taking on more risk with this narrower coverage, but I am 48 and healthy. If Obamacare gives me a choice to return to a broader coverage at a more affordable price I can always switch back in a few years.

 

[Mulligan]

My monthly rate went up from $469 to $561 in 2010 (+20%), then up to $694 for 2011 (+24%). I had enough of that and switched to a hospital-only plan which costs only $182 per month. I realize that I am taking on more risk with this narrower coverage, but I am 48 and healthy. If Obamacare gives me a choice to return to a broader coverage at a more affordable price I can always switch back in a few years.

Your only a year older than me and you had those types of increases, wow! I assume a high cost state? Going to HSA HD plan wasn't cost efficient compared to a hospital only plan?

 

[scrabbler1]

Your only a year older than me and you had those types of increases, wow! I assume a high cost state? Going to HSA HD plan wasn't cost efficient compared to a hospital only plan?

I live in New York, a state very hostile to HI and low-cost options. I could not find any high-deductible plans on line and I checked out ehealthinsurance.com which had my previous plan (by far the lowest cost comprehensive one then and now) and my current one. My home and auto insurer, State Farm, does not write HI in New York.

I estimated that with increases in the 20%-25% every year, I would be paying about $10,000 per MONTH by the time I turned 65 and became eligible for Medicare!