walkinwood
Thinks s/he gets paid by the post
Our Horizon BC/BS of NJ individual health insurance premium rose another 15 % this year, after rising the same amount last year. There is a 15% cap on premium increases, so they raise it to the max.
That's why you need some serious extra margin of error when working out expenses in ER.
Our Horizon BC/BS of NJ individual health insurance premium rose another 15 % this year, after rising the same amount last year. There is a 15% cap on premium increases, so they raise it to the max.
Our current plans is an HMO with a deductible and copay. Deductible is $2500 & max out of pocket is $5000. Copay is $40What is your current plan (deductible etc.) and what is the premium?
Our current plans is an HMO with a deductible and copay. Deductible is $2500 & max out of pocket is $5000. Copay is $40
We are in NJ, which is a community rating state, so pre-existing conditions do not come into play. There is another plan which is less expensive this year, but it is age based and will be more expensive for me next year as I move into a higher age bracket. Also, that plan is not covered under the 15% cap. So, this seems to be the best plan for me. DW has the same plan. Two individual plans were less expensive than one joint plan.
Thanks for the suggestion on the review.
The cost of health insurance and property taxes are the main reasons we're thinking of leaving NJ next year.
Ask for a policy review (I think that is the term). They will look at your medical history and review the price.
This is how I found out about this review.
When I got my premium notice I went to the BC/BS GA site to see what they were quoting for a new person with the same policy - it was less. I called up BC/BS and asked how I could get that rate - they told me about the review.
I am not surprised at all on the increases. Seems the insurers are trying to build up reserves for when they have to take everyone with pre-existing conditions..........
Perhaps -- but it looks like the biggest problem in terms of premium increases has been in the individual insurance market. Some have said that's because more healthy people are choosing to "go naked" on the individual insurance side, thus leaving the insurers with the older and sicker folks. Group plans tend to be heavily employer-subsidized and there is little or no incentive for the young and healthy to opt out.It will be interesting to see how the available federal options price out this year. Open season for federal employees is a ways off.
I expect to see a substantial increase too.
I suspect the small group plans have it the worst. Individual policies are denied to the sickest so there is some screening, but small groups can't be denied so they're getting taken advantage of. Wouldn't be at all surprised to if there was collusion between the top providers as well.Perhaps -- but it looks like the biggest problem in terms of premium increases has been in the individual insurance market. Some have said that's because more healthy people are choosing to "go naked" on the individual insurance side, thus leaving the insurers with the older and sicker folks. Group plans tend to be heavily employer-subsidized and there is little or no incentive for the young and healthy to opt out.