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Insurance rates for next year
Are anyone else's health insurance rates skyrocketing next year? My plan through my company is going up 18% a month. YIKES! I'm going to have to choose our mid-range plan this year instead of the premium I've always had.
I have a strong feeling it's because dependents up to age 26 have to be covered now, so my company has to get the money to pay for that somehow. But, that's still a steep increase!
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Re: Insurance rates for next year
Yep, it's because of healthcare reform. The insureds are the one who have to foot the bill for the implementation of all of the new legislation within the insurance companies. Ultimately though (without stating my position, or initiating a debate of such), costs should be cut for insureds because of it in the long run.
Our company's copays TRIPLED this year. Luckily I'm on DH's benefits, and they didn't have such changes.
ETA: Man, I can't spell! I corrected my typos.. LOL.
Yikes, I should find out in the next week or so what's happening with our rates. I hope it's not a huge change!
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I actually decide the health care for our company and meet with the broker next week to review our renewal offer. Every year, the insurance industry has a (virtually automatic) increase of 12%-15%. Tack on an additional 5-10% increase most insurers are adding to health care reform (dependents to age 26, preventative covered at 100%, mental health parity, etc.). Figure another 3-5% for the administrative burden and you have a mess.
Most companies also get an experience rating based on the prior 1-3 years claim history that drives rates up or down. We're considered a small employer so our experience rating is based on a pool of similarly sized companies. Since our company had 2 brain surgeries this year (very bad medical year), I'd like to apologize to the other companies in our pool.
Needless to say, I'm not excited about the renewal. If I can afford to keep the same plans in place with a less than 10% employee-contribution increase, I'll be thrilled.
I just looked and saw that they gave us some basic info on our plan changes.. My current plan is going to increase 10% since my coverage includes DS. The lower level coverage is actually decreasing. I'll definitely evaluate the costs next week, but I'm sure I'll end up with the premier plan, just in case. Hopefully I'll be delivering a baby next year, so I'm sure I'll want the best insurance I can get.
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