My healthcare costs to rise 233%

[Chris0nllyn]

A few months ago, in another thread, I said I'd report back with solid numbers. I can't seem to find the other thread so here it is....

Our current medical benefits have simply become too expensive. Medical costs have increased
over the years and the Affordable Care Act creates some additional cost burdens. However, the
primary reason that our medical costs have escalated to unsustainable levels is because our
current zero-deductible, very low co-insurance plan provides no incentives or mechanisms to
control costs. As an example, the annual cost of family medical coverage increased this year to
almost $23,000 per participant. This is more than 20% higher than our industry’s norm and a 28%
increase over last year. For the past three years, while medical cost inflation has averaged around
7% per year, our medical expenses have increased more than 20% per year. Although our
medical coverage costs have been rapidly escalating, we have not increased employee
contributions. These conditions are not sustainable.

Sweet....

Calculated it last night. If I keep my PPO plan (which isn't as good as last year's plan), my per-paycheck costs will increase 233%.

Not sure I blame Obamacare for it all, considering the company chose to not pass along (even incremental) increases they received.

 

[kwillia]

For going on 30 years I've always been able to afford the PPO plan. This year I've had to switch to an HMO plan because the PPO would cost me several thousand to keep plus a 5k family deductible. The other thing that happened this year is family deductibles in the thousands that have to be met before insurance "kicks in". To put it in perspective, hubby gets an allergy shot once a month. It used to cost a $20 co-pay for the office and $5 for the serum. Now all of it gets applied to the deductible first so it costs us just over $400 out of pocket a month now until the family deductible gets met and then the co-pay and such kicks in.

 

[huntr1]

We switched from an HMO to PPO this year because it was actually cheaper once all fees were figured in.

 

[SG_Player1974]

Maybe if you are all lucky... when you wander into St Mary's ER on a Friday through Sunday.... some of the people in there might at least say Thanks!

 

[Chris0nllyn]

For going on 30 years I've always been able to afford the PPO plan. This year I've had to switch to an HMO plan because the PPO would cost me several thousand to keep plus a 5k family deductible. The other thing that happened this year is family deductibles in the thousands that have to be met before insurance "kicks in". To put it in perspective, hubby gets an allergy shot once a month. It used to cost a $20 co-pay for the office and $5 for the serum. Now all of it gets applied to the deductible first so it costs us just over $400 out of pocket a month now until the family deductible gets met and then the co-pay and such kicks in.

Good lord! 5k!?

The new PPO plan has a $500 deductible and 20% co-insurance. Last year was zero deductible.

The new HDHP has a $1,500 deductible.

Only things covered in full are preventative screenings. Everything else is 20% co-insurance.

 

[libertytyranny]

I have a 4500 deductible..for myself and my daughter. previously it was 300 bucks. Prescriptions count as well so a medication I needed cost me 136 bucks. I would be MUCH better off simply banking my premium every month and using it for medical expenses because as it stands now I pay a couple hundred bucks monthly for the priv of payiong out of pocket. only thing covered 100% is my daughters well kid visit and shots and I think I get a pap smear and a flu shot. Needless to say I dont go to the doctor.

 

[kwillia]

I have a 4500 deductible..for myself and my daughter. previously it was 300 bucks. Prescriptions count as well so a medication I needed cost me 136 bucks. I would be MUCH better off simply banking my premium every month and using it for medical expenses because as it stands now I pay a couple hundred bucks monthly for the priv of payiong out of pocket. only thing covered 100% is my daughters well kid visit and shots and I think I get a pap smear and a flu shot. Needless to say I dont go to the doctor.

Yep, it seems like its a waste of money to pay the monthly premiums and the hiigh deductibles that reset and start over from zero one a year, but in reality it only takes one hospitalization to wipe out everything you've attempted to save if you tried the "no insurance" method.

"NerdWallet Health finds Medical Bankruptcy accounts for majority of …
26 Mar 2014 … In fact, medical bills are the leading cause of personal bankruptcy, a last resort after … that will declare bankruptcy due to their inability to pay their medical bills … Thus we conservatively estimated medical bankruptcy rates to be 57.1% … NerdWallet's Top 5 Predictions for the Future of Healthcare in 2014."

http://theloanshelp.org/percentage-of-bankruptcies-due-to-medical-bills-2014/

 

[ArkRescue]

A few months ago, in another thread, I said I'd report back with solid numbers. I can't seem to find the other thread so here it is....



Sweet....

Calculated it last night. If I keep my PPO plan (which isn't as good as last year's plan), my per-paycheck costs will increase 233%.

Not sure I blame Obamacare for it all, considering the company chose to not pass along (even incremental) increases they received.

In the past 2 years my NET paycheck has dropped by over $200 due to rising health/dental/vision/disability premiums and an adjustment in taxes going from Married to Single. It's been darn hard living off of about $500 a month less than I had before, especially with all the critters I help. I've had to beg for money to help the critters.

 

[ArkRescue]

I have a 4500 deductible..for myself and my daughter. previously it was 300 bucks. Prescriptions count as well so a medication I needed cost me 136 bucks. I would be MUCH better off simply banking my premium every month and using it for medical expenses because as it stands now I pay a couple hundred bucks monthly for the priv of payiong out of pocket. only thing covered 100% is my daughters well kid visit and shots and I think I get a pap smear and a flu shot. Needless to say I dont go to the doctor.

yup that is pretty much what happened to me too - and I plan to scale my plan back to more around the minimum to cover big events and keep dr appt's to a minimum. I need a reduction in the premiums I am paying, it's killing me financially. The money I am paying would be better spent on higher quality groceries.

 

[GURPS]

It's been darn hard living off of about $500 a month less than I had before, especially with all the critters I help. I've had to beg for money to help the critters.

I am sorry Arkie, but critters are your crack habit - you chose to help, you are not required to help

 

[GURPS]

Indeed our renewal meetings are coming up next month it will be interesting

I think next yr will be even better when GOV. plan mandates take effect like they did last yr for self insures

 

[libertytyranny]

Yep, it seems like its a waste of money to pay the monthly premiums and the hiigh deductibles that reset and start over from zero one a year, but in reality it only takes one hospitalization to wipe out everything you've attempted to save if you tried the "no insurance" method.

"NerdWallet Health finds Medical Bankruptcy accounts for majority of …
26 Mar 2014 … In fact, medical bills are the leading cause of personal bankruptcy, a last resort after … that will declare bankruptcy due to their inability to pay their medical bills … Thus we conservatively estimated medical bankruptcy rates to be 57.1% … NerdWallet's Top 5 Predictions for the Future of Healthcare in 2014."

http://theloanshelp.org/percentage-of-bankruptcies-due-to-medical-bills-2014/

exactly. with a child I cannot with good conscience go without coverage. so I have to keep paying even when it makes no logical sense for two young healthy people.

 

[ArkRescue]

I am sorry Arkie, but critters are your crack habit - you chose to help, you are not required to help

You know, you may have something there. Maybe I can also start a self-help group for Critter Rescue Anonymous. My name is Lisa and I am a Critter Rescue Addict. Now for the 12 step program ...

Step 1 - move away from the critters ..... LOL

 

[Hijinx]

Just say Thank You Democrats and Obama.

 

[GURPS]

You know, you may have something there. Maybe I can also start a self-help group for Critter Rescue Anonymous. My name is Lisa and I am a Critter Rescue Addict. Now for the 12 step program ...

Step 1 - move away from the critters ..... LOL

Ferrets you can't have just one .....

 

[ArkRescue]

Ferrets you can't have just one .....

I've never had one. We have a small mammal volunteer who handles those. I hear they can be really great pets with active children.

 

[Chris0nllyn]

Just say Thank You Democrats and Obama.

I'll say thanks to the govt. in general. Govt. regulations caused this mess to begin with.

 

[Chris0nllyn]

I'll be switching to a high deductible plan with a HSA. I like the tax shelter it provides along with the option to invest in mutual funds. Almost like a Roth 401(k) for health care.

doing this was the most cost-effective way to go, while still maintaining a pretty good level of care. Plus, my company is giving me $3,000 to put in the HSA, and another $1,000 every year.

I haven't been to the doctors in close to 6-7 years, so hopefully it just sits in the HSA and collects interest until I need it, or can withdraw it after I'm 65 years old.

 

[ArkRescue]

I'll be switching to a high deductible plan with a HSA. I like the tax shelter it provides along with the option to invest in mutual funds. Almost like a Roth 401(k) for health care.

doing this was the most cost-effective way to go, while still maintaining a pretty good level of care. Plus, my company is giving me $3,000 to put in the HSA, and another $1,000 every year.

I haven't been to the doctors in close to 6-7 years, so hopefully it just sits in the HSA and collects interest until I need it, or can withdraw it after I'm 65 years old.

We were offered a plan like that, so I think I too will join. If nothing else, I can use the $$ toward the few dr appt's I need each year. I am excited at the thought of getting a little money back in my check from reducing my level of coverage. The way I hear it, the amount I save may not be much after the increases in premiums expected for the 2015 coverage.

 

[Chris0nllyn]

We were offered a plan like that, so I think I too will join. If nothing else, I can use the $$ toward the few dr appt's I need each year. I am excited at the thought of getting a little money back in my check from reducing my level of coverage. The way I hear it, the amount I save may not be much after the increases in premiums expected for the 2015 coverage.

Yea, for people like myself who don't have many dr. visits, you can actually save money once you factor in the tax benefits.

Plus, it's not like a FSA where you lose it every year.

Doing it this way made my costs go up only 153%.