Re: 40% increase in Health Insurance Premium

On 14 Dec 2005 21:03:09 GMT, "BobMcNabb"
<NABB1@xxxxxxxxxxxxxxxxxxxxxxxxxxxxx> wrote:

>> rvfulltimewrote:
>We're pretty much full timers, with a 4 month stay at our rental
>condo
>> in San Diego. SD is our legal residency.
>>
>> We just got our new premium notice for our health insurance. This
>> is a $5000 deductable policy and 20% copay for the next $5000.
>> My wife and I are 51 and 50. The premium is going up 40% next
>> year. The current premium is about $2900 for a year. The new
>> premiums is over $4000.
>>
>> It feels like someone hit us in the stomach.
>>
>> Two interesting facts. I went to the insurance company's web site
>> and it looks like they don't sell our policy, Celtic Care. They do
>> sell one called Celtic Care II where the premium would be about
>> $200 less than our current premium, even though we're one year
>> older. Looks like I'll have to give them a call about this.
>>
>> Second fact. Same web site, but now using a Livingston, TX
>> zip code (Escapees home town). The premium for what appears
>> to be the same policy (there are probably some differences) is
>> 80% higher. WOW!
>>
>> This is not a good time of year to have to find a new health
>> insurance policy. I suppose we could go naked.... And that
>> is under consideration.
>
>It's possible that your age category is a factor in this increase and
>it will continue to be a factor whatever insurer you go to. I'm quite
>a number of years older than you, but my coverage is in a large HMO
>group, so you'd expect the premium to be well under an individual
>policy, yet it's $3000 a year just for my own individual coverage.
>California medical costs are among the highest in the Nation. Ask
>your insurer what rating factors are being used. $4000 for the two of
>you sounds pretty reasonable to me.

It does to me too. My BCBS PPO with medium copays is around
$400/month or $6k a year. I'm a 50-something.

I looked into MSAs but the high deductible policies were only
fractionally (as in less than $30/month) less expensive than what I
have now. It made no sense to change.

You need to get out of the Loony Toons state, of course, but then you
might take a look at BCBS's small business group policies. A group
can be as small as 2 people. You and your wife are two people. I
could go up considerably on my deductible and save maybe $50 a month
but I have some chronic problems so it doesn't make financial sense.

You need to realize that you've passed the magic number as far as
medical insurance is concerned - 50. You'll find that individual
insurance is practically impossible to get once you pass that number
and that it is frightfully expensive. You're in a bad place until you
qualify for Medicare.

Frankly, medical insurance is the only reason I haven't already
retired. I can't quite feed the monster and live a decent life on my
retirement savings. A bitch, ain't it?

John
>
---
John De Armond
See my website for my current email address
http://www.johngsbbq.com
Cleveland, Occupied TN
A foolish consistency is the hobgoblin of little minds.-Ralph Waldo Emerson
.

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