Health Care Premiums

Avatar for cmkarla
Administrator
Registered: 01-03-2001
Health Care Premiums
2
Thu, 11-07-2013 - 11:22am

I have heard a lot of talk about the rising cost of healthcare premiums for those over 50. I am not noticing anything like that myself. What about you?

Karla
Community ModeratoriVillage.com

Avatar for elc11
Community Leader
Registered: 06-16-1998
Thu, 11-07-2013 - 11:59pm

It looks like that's what's going to happen to us. We have an individual policy, we are 60/61 years old, with no chronic or serious health issues---so the determining factor for our premiums so far has mainly been age related.

I've been in contact with the insurance agent who says that my insurance company has been really slow about everything and he cannot yet give me enough info to make decisions or even get good quotes. We just got a letter from the insurance saying our old policy will be cancelled on 12/31/13 because it doesn't meet all of the standards of the ACA. They suggest a similar plan that is in compliance but it hasn't been approved by the state yet. Assuming it is approved our monthly premium would increase by 60%. I am not kidding. Our out of pocket maximum would go down by $2500 from the old plan....but we would pay that out in the higher premiums in less than 8 months so no overall savings for us there. We do not qualify for premium assistance. Obviously I'm going to have to do some research. We may have to change insurance companies if we can get a better deal elsewhere and hope that our doctors are contracted with that plan, or find new doctors? 

I was a big supporter of everybody having access to good health insurance but I didn't realize that we were going to be gouged so deeply. We changed to our current plan 2.5 yrs ago and felt that the coverage was pretty good---not great, but good for the price, which is not cheap. I guess I again have to spend hours researching the differences between plans to see just how the 60%-more-expensive plan is richer in benefits than my current plan.

Suddenly I'm wishing I was a lot closer to Medicare age!

Avatar for cmkarla
Administrator
Registered: 01-03-2001
Mon, 11-11-2013 - 10:51am

Wow-a 60% increase is huge! Ours is going up slightly for the family but overall we are getting better coverage. My mother just got a couple of letters today about her health care plan and I'm supposed to go over to her house this afternoon and look them over. I'm almost scared to look at it!

Karla
Community ModeratoriVillage.com