Happy Birthday, your rate just increased

[easysurfer]

I got a letter from BCBS saying the rate in my premium just got an adjusted rate increase because I'm about to hit one of their "magic number" (my sacastic phrasing, not their wording) birthdays which go pretty much at 5 year intervals (for example, 50, 55, 60, etc.)

 

[Amethyst]

I know this happens with term life insurance (it's nature's way of telling you that you are now of an age to drop the policy, and be self-insured) but I never heard of age-related premiums with health insurance.

A.

 

[easysurfer]

Increase of $42/month. My monthly payment will increase from about $170 to $212. Still manageable, but that's about a 25% increase.

Plus, I see, when the new year comes along, I'll probably be hit again with the regular annual rate increase.

 

[DayDreaming]

I also have BCBS, I hit a 'magic number' this year and my insurance went up 28%. Ouch.

 

[MichaelB]

This is not new. My current plan has the following age related increases

Age ......... 25/30/35/40/45/50/55/60
% increase 25/27/28/23/27/37/30/35

Rate for a 24 year old: $193 rate for a 63 year old: $1509

 

[rescueme]

OTOH, if you did not get an increase, it might be that you are "on the other side of the dasies".

Be thankful for where you are ...

 

[Mulligan]

This is not new. My current plan has the following age related increases

Age ......... 25/30/35/40/45/50/55/60
% increase 25/27/28/23/27/37/30/35

Rate for a 24 year old: $193 rate for a 63 year old: $1509

Some things are better left unsaid I just started the individual premium market 2 years ago at 45. Was aware of age bands, but not the dates or "presents" associated with the birthday. I guess I may be possibly looking at a "hell of a gift" on my 50 th birthday! I wonder why they hit 50 harder than 55 or 60. What happened to 50 being the new 40?

 

[MichaelB]

Some things are better left unsaid I just started the individual premium market 2 years ago at 45. Was aware of age bands, but not the dates or "presents" associated with the birthday. I guess I may be possibly looking at a "hell of a gift" on my 50 th birthday! I wonder why they hit 50 harder than 55 or 60. What happened to 50 being the new 40?

Why the big hit for men at 50? I have no clue. It could be ... (insert witty remarks here)

I only included my rate. For women it is different. Reposted with both:

Age ..................... 25/30/35/40/45/50/55/60
% increase male .....25/27/28/23/27/37/30/35
% increase female ..31/16/00/03/18/21/18/19

Rate for a 24 year old male: ..$193 ..rate for a 63 year old: $1509
Rate for a 24 year old female: $443 ..rate for a 63 year old: $1377

 

[DangerMouse]

I would imagine that the rate is so different at 24 for the sexes because they are prime child-bearing years.

 

[grasshopper]

My policy renewed in 10/10, 6 months later, at 60 it went up 11% with BCBS.