Health Insurance Premium for 2016

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cricket49
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Health Insurance Premium for 2016

Post by cricket49 »

I have been dreading the letter from Blue Cross of Tennessee notifying me of the 2016 health care premiums. Earlier this year an article stated some of the Blue Cross companies wanted to increase 2016 premiums by 47%. I read Tennessee and Louisiana were going to be hit the hardest.

I received the letter today and it looks like our premiums are going up 37% which comes out to an increase of 400.00 per month. I don't have Obamacare but my monthly premiums mirror the same plan under Obamacare.

Did anyone else get a high premium increase? :annoyed
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Tankie
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Re: Health Insurance Premium for 2016

Post by Tankie »

Still employed by MegaCorp, my premiums for company-provided healthcare for me, the wife, and two kids will increase 11% for 2016.
vetmom
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Re: Health Insurance Premium for 2016

Post by vetmom »

Just received my letter from BCBS TN. 2016 rate for my son and I will be a 43% increase! This is for an individual policy, not group. My boss (small business less than 20 employees) has an independent insurance agent researching options for us to go back on group insurance. I'm hoping even if the premium go up that substantially having it taken out pre-tax will reduce some of the sting!
tibbitts
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Re: Health Insurance Premium for 2016

Post by tibbitts »

In our state I was looking into the BCBS plans, and the provider network including all our doctors has apparently been completely eliminated from the personal plans available for 2016. Plan cost didn't change much from last year, and previously the broader network was only $30/mo or so more than the more restrictive network, so it was disappointing to see this change. Probably the business plans still offer the broader network.
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leonidas
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Re: Health Insurance Premium for 2016

Post by leonidas »

United Healthcare PPO through work up about 8%.
Incognito
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Re: Health Insurance Premium for 2016

Post by Incognito »

Through company provided healthcare options. 25% increase for HDHP (HSA). Last year it was 30%. It's almost tripled in 5 years. HDHP is still cheaper than PPO plans. However, the increase % is much higher. The increase in PPO plans runs at less than 15%.

Did anyone else experience a similar trend?
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Crimsontide
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Re: Health Insurance Premium for 2016

Post by Crimsontide »

UHC PPO through my employer actually went down by 97 cents :happy My portion of the premium went up but my welliness credit increase was large enough to offset the premium increase by 97 cents... I was pleasantly surprised because I thought for sure we employees were going to be nailed with a big increase.
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dm200
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Re: Health Insurance Premium for 2016

Post by dm200 »

cricket49 wrote:I have been dreading the letter from Blue Cross of Tennessee notifying me of the 2016 health care premiums. Earlier this year an article stated some of the Blue Cross companies wanted to increase 2016 premiums by 47%. I read Tennessee and Louisiana were going to be hit the hardest.
I received the letter today and it looks like our premiums are going up 37% which comes out to an increase of 400.00 per month. I don't have Obamacare but my monthly premiums mirror the same plan under Obamacare.
Did anyone else get a high premium increase? :annoyed
Is this an individual policy or employer provided coverage?

A few things to remember/consider (in my opinion) when citing or evaluating premium increases:

1. For employer plans there is a (sometimes BIG) difference between the total premium increase and the employee increase. Say, for example, that the average cost (total plan) is $500 per month per employee and the employer pays $250. That is a cost to the employee of $250/month. Let's that there is a 10% increase in the total cost, increasing the total cost per employee to $550 (or a ten per cent increase). Let's say, then, that this employer decides to continue funding only the same $250/month. Employee must now pay $300/month or a 20% increase. It would, in my opinion, be incorrect and misleading to say. "Health care premiums increase 20%"

2. For individual plans, in compliance with Obamacare, it is important to distinguish between an overall premium increase and a particular individual's premium increase. It will be very common for a particular individual's premium to go up more than the overall premiums because a great number of enrollees will have increases due to being one year older. Even if overall premiums stayed the same, most individuals would see an increase in their premiums as they are one year older.
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Steelersfan
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Re: Health Insurance Premium for 2016

Post by Steelersfan »

My Medigap premium (Plan F) went from $184 to $190 per month.

The Medicare premium is awaiting government action.
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Info_Hound
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Re: Health Insurance Premium for 2016

Post by Info_Hound »

I'm holding my breath waiting to see what our premimun will be. Federal open season begins next month and they will provide plan info sometime in the next week or so.

Currently am on BCBS Federal Plan (PPO) (retired) but am eligible for the new self plus one plan. From what I have read, I might break even (no increase) on the cost by switching from the family option to self plus one option. However I want to see what else might have changed regarding coverage and out of pocket expenses before I can breathe again.
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goingup
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Re: Health Insurance Premium for 2016

Post by goingup »

My premiums decreased by $35 per mo or 8%. However, deductible was raised from $1250 to $1500. I was very surprised, but pleased. I rarely meet the deductible.
pshonore
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Re: Health Insurance Premium for 2016

Post by pshonore »

Steelersfan wrote:My Medigap premium (Plan F) went from $184 to $190 per month.

The Medicare premium is awaiting government action.
The Medicare Part B deductible is increasing next year from $147 to $223. If you have a Medigap Plan with no Part B deductible, that may be the reason for the increase.
hicabob
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Re: Health Insurance Premium for 2016

Post by hicabob »

Blue Cross wants a 35% increase for my bronze HSA plan here in California. Sort of ironic since last year they had to reimburse me $200 since they only spent 74% of premiums on actual healthcare. Thankfully HealthNet seems to offer coverage with the same medical group who has a near monopoly in this little city but at only a 15% increase - no HSA though :(

Rumor is Kaiser Permanente will be opening a facility soon here which should help the competition immensely.
harryw
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Re: Health Insurance Premium for 2016

Post by harryw »

Self-employed, private insurance with Kaiser in the SF Bay area: 3% increase - a pleasant shock. The lowest increase I can remember in a long time!
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knpstr
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Re: Health Insurance Premium for 2016

Post by knpstr »

looks like my BCBS premium will be UP 11% from this year.
Bronze PPO HSA ... $6,350 deductible
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jhfenton
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Re: Health Insurance Premium for 2016

Post by jhfenton »

Our HDHP premium contribution at my publicly-traded employer sky-rocketed for next year. Last year, it was $86/month for family coverage. This year it was $104/month. Next year, it's going to be $234/month. I don't yet know what the employer share of the cost is yet. They show that on our pay stubs, but I won't see that until January. (And I'm not sure how they calculate that, since we partially self-insure.) I'm guessing the the total premium didn't increase at that high a percentage. If we jump through all the hoops in our wellness plan--easy to do--we get a thousand dollars deposited into our employer-sponsored HSA. I payroll deduct the rest of my annual family contribution.

If I had to guess, I think they're partially balancing the books for the fact that they're now paying for parking for everyone. They consolidated folks this year into a downtown location, and to make the move palatable to folks used to free parking in the suburbs, they started paying for parking passes for folks in August, even those of us who were already downtown.
Planner
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Re: Health Insurance Premium for 2016

Post by Planner »

If you're religious, I recommend a health care sharing ministry like chministries.
Dandy
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Re: Health Insurance Premium for 2016

Post by Dandy »

I just looked at my employer retiree supplement to Medicare and it went up a bit over 5%. But, it is often hard to tell if you are getting exactly the same coverage. You can check copays, deductible, co insurance but have certain drugs been moved to a different category of reimbursement? Have reasonable and customary levels been updated?

I just noticed that RXs not only don't count toward the yearly deductible but also not to the yearly out of pocket maximum. I don't know if that was always the case. That is a pretty good safety value for the insurance company covering retiree RX expenses.
Grasshopper
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Re: Health Insurance Premium for 2016

Post by Grasshopper »

BCBS Arizona PPO UP 18%, I start Medicare next year so younger Ms G pushed our deductible from $2500 to $10K. :beer
masteraleph
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Re: Health Insurance Premium for 2016

Post by masteraleph »

7.53% increase and a switch of insurance companies (but both are major companies with large networks). Terms are basically the same, with a slight decrease in Tier 3 copay costs for the HDHP (which are really only relevant once the deductible is hit). I should note that this is not exactly 2016- we run on a September 1-August 31 year.
hnzw rui
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Re: Health Insurance Premium for 2016

Post by hnzw rui »

For my brother, Kaiser HMO Catastrophic - $5 or 3%. Pretty pleasant surprise.

For my employer's plan (also with Kaiser albeit benefits are closer to Platinum/90), premiums increased by 4.5% for single coverage. No idea what the increase is for married or family coverage.
Topic Author
cricket49
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Re: Health Insurance Premium for 2016

Post by cricket49 »

OP here.

All I have to say is enjoy the time you are covered under an employer's group health plan. :happy

In the real world, unless you have a low income (Obamacare) , health insurance premiums and costs will be the largest expense in an annual budget as you get older. We also live in a small city that does not give us options of different health plans. We dropped out of a group plan 2 years ago and the premiums and deductibles keep going up. Trying to retire before 65 with these out of pocket expenses is daunting at times.

Another note. Healthcare.gov added the new health premiums for 2016 on their site today.
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zaboomafoozarg
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Re: Health Insurance Premium for 2016

Post by zaboomafoozarg »

No increase in my health insurance premium this year. $50/month for $0 deductible coverage on a single person.
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Meaty
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Re: Health Insurance Premium for 2016

Post by Meaty »

My mega Corp plan is going up about 4%
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jpelder
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Re: Health Insurance Premium for 2016

Post by jpelder »

My (single coverage, state employee) plan's OOP cost doubled, but the wellness credits also doubled, bringing the premium back to where it was last year. This is the case for all of my employer's plans. Good time to continue not smoking!

The cost for adding dependents went up about 15% for child(ren) only, 10% for spouse only, and about 12% for family coverage
jackiechiles
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Re: Health Insurance Premium for 2016

Post by jackiechiles »

Wife and kids plan was cancelled, new plan is somewhat worse ($5 copay instead of 0) and is 30% higher ($1059 instead of $802).
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Go Blue 99
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Re: Health Insurance Premium for 2016

Post by Go Blue 99 »

Megacorp here. No increase in premiums, though there is a slight increase in deductible. Overall a terrific plan.
new2bogle
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Re: Health Insurance Premium for 2016

Post by new2bogle »

Have a MegaCorp plan. They are changing from a VERY good PPO to HDHP/HSA. For the first year they will fund our HSA in the amount of the deductible "to ease the transition" so I guess the real shock will be for 2017. Fortunately, the premium is still $0/month.
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Re: Health Insurance Premium for 2016

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jfave33
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Re: Health Insurance Premium for 2016

Post by jfave33 »

If I get my healthcare via the federal marketplace am I supposed to have received details of my premium renewal rate by now?
Topic Author
cricket49
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Re: Health Insurance Premium for 2016

Post by cricket49 »

Confused wrote:Health insurance for spouse going up almost 10% to $78/month. This is not through an employer. I am still in the debating phase of whether to get coverage for myself. Hard to figure out because the ACA penalty will be 2.5% of household income and I have no idea what our household income will be. So I don't know if that will be more or less than the premiums (and I can't really figure out what the premiums will be so easily either). How am I supposed to make an informed decision?
cricket49 wrote:premiums are going up 37% which comes out to an increase of 400.00 per month.
An increase of $400/month? As in, it is now $400/month more than it was?
Yes, our premiums are going from 1115/month to 1521/month with a 5,000 Family deductible.

However, we can save money by going with a different plan - 12,000 Family deductible, with an increase of only 190.00/month.
:annoyed
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Topic Author
cricket49
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Re: Health Insurance Premium for 2016

Post by cricket49 »

jjface wrote:If I get my healthcare via the federal marketplace am I supposed to have received details of my premium renewal rate by now?
Some of the states already have 2016 ACA premiums online today.

https://www.healthcare.gov/
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hnzw rui
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Re: Health Insurance Premium for 2016

Post by hnzw rui »

cricket49 wrote:All I have to say is enjoy the time you are covered under an employer's group health plan. :happy
Oh, I do. For now, retiree medical subsidy is also in the benefits package so I plan on sticking around until I'm eligible for normal retirement.
cricket49 wrote:In the real world, unless you have a low income (Obamacare), health insurance premiums and costs will be the largest expense in an annual budget as you get older. We also live in a small city that does not give us options of different health plans. We dropped out of a group plan 2 years ago and the premiums and deductibles keep going up. Trying to retire before 65 with these out of pocket expenses is daunting at times.
I think Obamacare actually made things easier for those pursuing retirement prior to age 65. For one thing, you can't be denied based on pre-existing conditions anymore which I think is one huge plus. Another thing, while coverage became a lot more expensive for 20- and 30-somethings, I think coverage is now more affordable for those in their 50s and 60s.

Is the program perfect? No. However, I do think it's a step in the right direction. At the very least, ACA subsidies help low wage earners working multiple part time jobs with no benefits who earn too much to qualify for Medicaid but too little to buy individual health insurance.
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Re: Health Insurance Premium for 2016

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zaboomafoozarg
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Re: Health Insurance Premium for 2016

Post by zaboomafoozarg »

Confused wrote:How can anyone afford that? That's literally 75% of our net income. Just for insurance.
People with incomes that are 4x above the poverty line do not qualify for ACA subsidies.

And far-fetched as it may seem to you, many people are well above that income limit.

If you are far above the limit then the premium is maybe not so bad. It hurts more when you are just slightly over the limit, as a friend of mine is. He spends about 12% of his gross income on family health insurance.
ParkersPaPa
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Re: Health Insurance Premium for 2016

Post by ParkersPaPa »

new2bogle wrote:Have a MegaCorp plan. They are changing from a VERY good PPO to HDHP/HSA. For the first year they will fund our HSA in the amount of the deductible "to ease the transition" so I guess the real shock will be for 2017. Fortunately, the premium is still $0/month.
Pretty much the same picture at my megacorp.
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knpstr
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Re: Health Insurance Premium for 2016

Post by knpstr »

Confused wrote: Seems like you're paying a lot for the very remote possibility of some kind of million dollar medical issue. But I digress.
With a $5,000 deductible it looks like they aren't exactly paying for Platinum coverage as it is!
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B'Falls_JT
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Re: Health Insurance Premium for 2016

Post by B'Falls_JT »

The wife and I are currently retired, living in PA, and using an ACA plan. The premium for our BCBS PPO plan is going up by 26% for 2016. Also, deductible and co-pays are going up as well. It's still affordable, but we will consider other plans prior to making a final decision.
tbradnc
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Re: Health Insurance Premium for 2016

Post by tbradnc »

BC/BS of Tennessee there.. 41% increase from $707 -> $995.
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Re: Health Insurance Premium for 2016

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zaboomafoozarg
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Re: Health Insurance Premium for 2016

Post by zaboomafoozarg »

Confused wrote:Okay? Pre-ACA, and therefore per-subsidies, my spouse and I paid $69/month for health insurance on the two of us. It was not dependent on our income at all, so even if we made 4x the poverty line, it still would've been $69/month. Add in some kids and it becomes $1500/month?
I haven't seen non-group health insurance premiums that low in a long, long time. Was that a real HDHP, or one of those types of policies with low coverage limits (e.g. only covers the first $20k)?
jfave33
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Re: Health Insurance Premium for 2016

Post by jfave33 »

Confused wrote:
zaboomafoozarg wrote: People with incomes that are 4x above the poverty line do not qualify for ACA subsidies.
Okay? Pre-ACA, and therefore per-subsidies, my spouse and I paid $69/month for health insurance on the two of us. It was not dependent on our income at all, so even if we made 4x the poverty line, it still would've been $69/month. Add in some kids and it becomes $1500/month?
Mine has gone up 26%.

I am with you about pre-ACA days. I remember paying under $100/month for my wife and I for a fairly equivalent plan. Now the plan would cost $630 without subsidies but I end up paying $150-200 depending on my income. I hate that they make you feel like you are being given a great discount or even some kind of welfare. All ACA is in the end is a 15% tax on marginal income plus a massive increase in your premiums.

From your posts though you seem to fit in with the extremely frugal crowd which many on bogleheads definitely do not.
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bottlecap
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Re: Health Insurance Premium for 2016

Post by bottlecap »

Tennessee. BCBS. 250% increase despite trading $7,000 family deductible for a $7,000 individual and $12,500 family. I am beside myself. I'm hoping I can exit self-employment for Megacorp type stuff soon.

The funny thing is that when I became self-employed two years ago, I was surprised how reasonable private insurance outside of an employer was. Not anymore.

JT
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pennstater2005
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Re: Health Insurance Premium for 2016

Post by pennstater2005 »

bottlecap wrote:The funny thing is that when I became self-employed two years ago, I was surprised how reasonable private insurance outside of an employer was. Not anymore.

JT
This is so very true. A few years back I decided to opt out of my employers health care program. I was the youngest employee in the building at the time and felt like I was paying for everyone else's ailments when I was generally healthy and not going to the doctor much.

My employer gave me $150 a month to stay off their plan and I found better insurance. At the time it was 90/10 coverage with a $250 deductible with $1,500 out of pocket max. It was $115 a month through BCBS. Once the ACA passed at the end of that year I received a letter stating my insurance plan no longer met the standards of the ACA, and poof it was gone.

Back on the employers insurance now and considering myself lucky to still have that option. It's not pretty out there!
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zaboomafoozarg
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Re: Health Insurance Premium for 2016

Post by zaboomafoozarg »

Since insurance providers can't avoid risk by denying coverage for pre-existing conditions anymore, raising rates is the only other option.

I worked in P&C and the thought of losing the ability to select which applicants to insure is crazy.
sawhorse
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Re: Health Insurance Premium for 2016

Post by sawhorse »

Some of your increases are :shock: Mine went up 9% and has higher co-pays for specialists, and prescription tiers have changed. But the same deductible. I'm baffled how states can differ so much in increases.

The biggest driver of premium increases across the country in general (not for everyone of course) seems to
be higher prescription drug prices especially for generics.

I don't know how many of you have been following the news on that. Two of my generics went up over 4000% and a couple others several hundred percent. Two of my medications have been discussed in the news. Yes, the biggest increase is a Valeant drug :x

They already don't cover all my drugs, and I'm afraid they'll drop more drugs. I'd probably do the same in their position.
pshonore wrote:
Steelersfan wrote:My Medigap premium (Plan F) went from $184 to $190 per month.

The Medicare premium is awaiting government action.
The Medicare Part B deductible is increasing next year from $147 to $223. If you have a Medigap Plan with no Part B deductible, that may be the reason for the increase.
I think the Medicare B increase doesn't apply if you're currently enrolled and also currently taking Social Security. Something in the law prohibited them from raising the price for current enrollees on Social Security, so everyone else had to bear the cost.
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celia
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Re: Health Insurance Premium for 2016

Post by celia »

sawhorse wrote:
pshonore wrote:The Medicare Part B deductible is increasing next year from $147 to $223. If you have a Medigap Plan with no Part B deductible, that may be the reason for the increase.
I think the Medicare B increase doesn't apply if you're currently enrolled and also currently taking Social Security. Something in the law prohibited them from raising the price for current enrollees on Social Security, so everyone else had to bear the cost.
If your Medicare Part B premium is deducted from your Social Security check, it won't increase next year.
But that has nothing to do with the Part B deductible.
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Re: Health Insurance Premium for 2016

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zaboomafoozarg
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Re: Health Insurance Premium for 2016

Post by zaboomafoozarg »

Confused wrote:It was regular high-deductible health insurance. But our deductible was $11,100 per person.
Ah I see. I think they have to be no more than half that per person nowadays.
JZinCO
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Re: Health Insurance Premium for 2016

Post by JZinCO »

cricket49 wrote:OP here.

All I have to say is enjoy the time you are covered under an employer's group health plan. :happy
+1
I have a bronze plan that is much better than my state market plan was (which is going out of business due to lack of fed subsidies). The premium is about 3.5x higher but employer pays 100%. In 2016, the premium is going up 10%, but all of the increase is still covered by employer.
Also they are adding an HDHP at the same level of service as their bronze plan except a $500 increase in deductible and slightly higher out-of-pocket. However, they will kick in $500 as incentive to join the HDHP.
Count my blessings while they last.
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