Health Insurance- Good News, Says My Company (1 Viewer)

[Chadstroma]

My company is excited to announce that premiums will only increase another 4-7% because of changes that they made in saving $1.8 Million in consolidating insurance companies, further savings in switching pharmacy provider, the actual costs of 2014 were lower than expected so those cost savings have been applied to 2015 and 2016 and finally government healthcare reform fees are less this year.

JOY!!!

Let me do my pickle dance for all the cost savings in healthcare......

 

[IC FBGCav]

My company is excited to announce that premiums will only increase another 4-7% because of changes that they made in saving $1.8 Million in consolidating insurance companies, further savings in switching pharmacy provider, the actual costs of 2014 were lower than expected so those cost savings have been applied to 2015 and 2016 and finally government healthcare reform fees are less this year.

JOY!!!

Let me do my pickle dance for all the cost savings in healthcare......

In 18 years of handling my companies plan. 7% increase without changing providers is the lowest I have seen. It is usually a double digit increase. We are currently looking at a 28% increase on our current plan.

 

[Nugget]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

 

[Godsbrother]

Yeah my premiums have risen every single year for the past 30 years. Last year I got a break because I didn't have to select the family plan cause my daughter is on her own policy.

I just found out last week that in addition to me paying for my spouse they will add an additional $75 surcharge if she has insurance available at her company. So now we are looking to see if she can be added to her employer's policy because her enrollment period ended in July.

 

[Chadstroma]

My company is excited to announce that premiums will only increase another 4-7% because of changes that they made in saving $1.8 Million in consolidating insurance companies, further savings in switching pharmacy provider, the actual costs of 2014 were lower than expected so those cost savings have been applied to 2015 and 2016 and finally government healthcare reform fees are less this year.

JOY!!!

Let me do my pickle dance for all the cost savings in healthcare......

In 18 years of handling my companies plan. 7% increase without changing providers is the lowest I have seen. It is usually a double digit increase. We are currently looking at a 28% increase on our current plan.

I agree, 4-7% is actually low but that is just pathetic that that is low. My health care costs have doubled now just over a few years. Good thing the GOP lead the charge to call Obamacare Obamacare rather than the "Affordable Care Act" because their idea of "affordable" is a joke. Of course, affordability was never really their goal but the truth is never a problem in politics.

 

[matttyl]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

 

[Nugget]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

Ford

 

[matttyl]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

Ford

Oh yeah, that's large. You guys are for sure "self insured". That means that all the premiums that you pay, and all the other employees pay, and what your employer pays for you....all goes into one big pot. Claims are paid out of that pot (and likely handled/administered by an insurance company for you, but they aren't taking any of the risk - generally speaking). If there is money left over at the end of the year, great - we won't increase premiums next year. Apparently you guys had a pretty healthy year.

 

[Foosball God]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

Ford

Oh yeah, that's large. You guys are for sure "self insured". That means that all the premiums that you pay, and all the other employees pay, and what your employer pays for you....all goes into one big pot. Claims are paid out of that pot (and likely handled/administered by an insurance company for you, but they aren't taking any of the risk - generally speaking). If there is money left over at the end of the year, great - we won't increase premiums next year. Apparently you guys had a pretty healthy year.

Blue Cross Blue Shield of Michigan administers the health plans for the Big 3 auto manufactures.

 

[matttyl]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

Ford

Oh yeah, that's large. You guys are for sure "self insured". That means that all the premiums that you pay, and all the other employees pay, and what your employer pays for you....all goes into one big pot. Claims are paid out of that pot (and likely handled/administered by an insurance company for you, but they aren't taking any of the risk - generally speaking). If there is money left over at the end of the year, great - we won't increase premiums next year. Apparently you guys had a pretty healthy year.

Blue Cross Blue Shield of Michigan administers the health plans for the Big 3 auto manufactures.

Do each of them have their own self insured plan? I wonder if the exes participate or if they have something different.

 

[Chadstroma]

Yeah my premiums have risen every single year for the past 30 years. Last year I got a break because I didn't have to select the family plan cause my daughter is on her own policy.

I just found out last week that in addition to me paying for my spouse they will add an additional $75 surcharge if she has insurance available at her company. So now we are looking to see if she can be added to her employer's policy because her enrollment period ended in July.

I got hit with this a couple years back but it was a $300 surcharge.

You should be able to make changes due to change in coverage. At least, I remember seeing that back when I went in to make changes out of enrollment period back when my kid was born. Who knows? Insurance just keeps getting more expensive and more complicated.

 

[fantasycurse42]

Whenever we have an All-Hands or All-Office meeting with good news, new payout structures, change in benefits it is always the same thing:

This is going to be really good for all of you.

It is always bull####, and never to the benefit of the employee.

With profit growth stagnant and revenue declining for 3 straight quarters, everyone in corporate America can expect their employer to partake in cost cutting measure over the next year or two... But don't worry, it is for your benefit!

 

[chauncey]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

Ford

Oh yeah, that's large. You guys are for sure "self insured". That means that all the premiums that you pay, and all the other employees pay, and what your employer pays for you....all goes into one big pot. Claims are paid out of that pot (and likely handled/administered by an insurance company for you, but they aren't taking any of the risk - generally speaking). If there is money left over at the end of the year, great - we won't increase premiums next year. Apparently you guys had a pretty healthy year.

I was going to ask the same question, thanks for the explanation.

Is this the same reason that utility companies generally offer better Benefits than small and midsize private employers? I have noticed that people who work for telephone company gas company Electric Company and railroads always seem to have great health benefits, in terms of their monthly premium and out-of-pocket costs.

 

[comfortably numb]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

 

[matttyl]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

Ford

Oh yeah, that's large. You guys are for sure "self insured". That means that all the premiums that you pay, and all the other employees pay, and what your employer pays for you....all goes into one big pot. Claims are paid out of that pot (and likely handled/administered by an insurance company for you, but they aren't taking any of the risk - generally speaking). If there is money left over at the end of the year, great - we won't increase premiums next year. Apparently you guys had a pretty healthy year.

I was going to ask the same question, thanks for the explanation.

Is this the same reason that utility companies generally offer better Benefits than small and midsize private employers? I have noticed that people who work for telephone company gas company Electric Company and railroads always seem to have great health benefits, in terms of their monthly premium and out-of-pocket costs.

It may. Most large (100+ size) employers have self insured plans. The larger the group, the better it works. I have actually seen a self insured down to 10, but they are more rare. If you have a group of young healthy men (like I would imagine a telephone company - I don't see a lot of women driving those trucks) it really makes sense.

 

[matttyl]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

 

[Keerock]

Premiums going from $83/pay to $154/pay

 

[fantasycurse42]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

 

[IC FBGCav]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

Every year health costs go up and coverage goes down, it is a given.

 

[matttyl]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

 

[comfortably numb]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

Do silver plans cost $406 bi-weekly for a family?

 

[Foosball God]

My premiums will not increase at all this year, and my company is bumping the HSA contribution from $750 to $1000.

I expect that somehow this will be taken out of raises or bonuses, but for now I am surprised and impressed.

Large company (over 100 employees)?

Ford

Oh yeah, that's large. You guys are for sure "self insured". That means that all the premiums that you pay, and all the other employees pay, and what your employer pays for you....all goes into one big pot. Claims are paid out of that pot (and likely handled/administered by an insurance company for you, but they aren't taking any of the risk - generally speaking). If there is money left over at the end of the year, great - we won't increase premiums next year. Apparently you guys had a pretty healthy year.

Blue Cross Blue Shield of Michigan administers the health plans for the Big 3 auto manufactures.

Do each of them have their own self insured plan? I wonder if the exes participate or if they have something different.

Yes, there are whole huge teams at BCBSM that deal with just GM, Ford, or Chrysler/Fiat.

 

[IC FBGCav]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

We have always had Gold or Platinum level coverage for employees. When I started the owner paid 100% of healthcare premiums(employee and family) for the best coverage available. It cost about 3K a month for 20 employees. Now it costs 6K a month for 8 employees. Plus he now can't afford to cover family costs and "only" covers 80% of employee premiums. 80% is still a lot for a company our size.

 

[matttyl]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

Do silver plans cost $406 bi-weekly for a family?

Depends on the ages and size of the family - but I've seen higher. Most of my "families" (parents late 30s to early 40s with a pair of kids) are around $1k or more easily.

 

[matttyl]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

We have always had Gold or Platinum level coverage for employees. When I started the owner paid 100% of healthcare premiums(employee and family) for the best coverage available. It cost about 3K a month for 20 employees. Now it costs 6K a month for 8 employees. Plus he now can't afford to cover family costs and "only" covers 80% of employee premiums. 80% is still a lot for a company our size.

A few things about your post - the terms "gold" or "platinum" didn't really exist in the health insurance industry till 2014. You likely always had the strongest plans, but they likely didn't have those names.

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

 

[comfortably numb]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

Do silver plans cost $406 bi-weekly for a family?

Depends on the ages and size of the family - but I've seen higher. Most of my "families" (parents late 30s to early 40s with a pair of kids) are around $1k or more easily.

Interesting

I had never really encountered anyone who paid more than me.

This family plan is $406 (was like 468 last year)

They reduced it but raised the deductible and no co pays.

Opted for the better plan which is $511 but no deductible and $20 copay for doc visits

 

[Grace Under Pressure]

Yeah my premiums have risen every single year for the past 30 years. Last year I got a break because I didn't have to select the family plan cause my daughter is on her own policy.

I just found out last week that in addition to me paying for my spouse they will add an additional $75 surcharge if she has insurance available at her company. So now we are looking to see if she can be added to her employer's policy because her enrollment period ended in July.

My company is excited to announce that premiums will only increase another 4-7% because of changes that they made in saving $1.8 Million in consolidating insurance companies, further savings in switching pharmacy provider, the actual costs of 2014 were lower than expected so those cost savings have been applied to 2015 and 2016 and finally government healthcare reform fees are less this year.

JOY!!!

Let me do my pickle dance for all the cost savings in healthcare......

In 18 years of handling my companies plan. 7% increase without changing providers is the lowest I have seen. It is usually a double digit increase. We are currently looking at a 28% increase on our current plan.

Yeah, but Obamacare

 

[IC FBGCav]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

We have always had Gold or Platinum level coverage for employees. When I started the owner paid 100% of healthcare premiums(employee and family) for the best coverage available. It cost about 3K a month for 20 employees. Now it costs 6K a month for 8 employees. Plus he now can't afford to cover family costs and "only" covers 80% of employee premiums. 80% is still a lot for a company our size.

A few things about your post - the terms "gold" or "platinum" didn't really exist in the health insurance industry till 2014. You likely always had the strongest plans, but they likely didn't have those names.

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

I understand gold/plat thing. I pick our plans and take bids when the costs become too high through our broker.

Back then the healthcare costs were so low, it really didn't matter plus nothing was stopping the other twin from knocking someone up and marrying them to be equally compensated. You have to treat every employee the same. We will not compensate you for not using benefits. Not everyone thing is going to be totally equal. How about, put my 401K match in my salary because I don't want a 401k? If an employer was going to compensate you for not using insurance he his dumb. When you get married and have a kid he has to cover them even with the compensation. You going to voluntarily going to cut your own pay? Just something to think about .

 

[=Smackdown=]

My company is excited to announce that premiums will only increase another 4-7% because of changes that they made in saving $1.8 Million in consolidating insurance companies, further savings in switching pharmacy provider, the actual costs of 2014 were lower than expected so those cost savings have been applied to 2015 and 2016 and finally government healthcare reform fees are less this year.

JOY!!!

Let me do my pickle dance for all the cost savings in healthcare......

In 18 years of handling my companies plan. 7% increase without changing providers is the lowest I have seen. It is usually a double digit increase. We are currently looking at a 28% increase on our current plan.

I can help control one of your largest labor costs (medical) going forward - insuring single digit increases every year as opposed to 25%+ the open market will start receiving 1/1/2016.

 

[IC FBGCav]

My company is excited to announce that premiums will only increase another 4-7% because of changes that they made in saving $1.8 Million in consolidating insurance companies, further savings in switching pharmacy provider, the actual costs of 2014 were lower than expected so those cost savings have been applied to 2015 and 2016 and finally government healthcare reform fees are less this year.

JOY!!!

Let me do my pickle dance for all the cost savings in healthcare......

In 18 years of handling my companies plan. 7% increase without changing providers is the lowest I have seen. It is usually a double digit increase. We are currently looking at a 28% increase on our current plan.

I can help control one of your largest labor costs (medical) going forward - insuring single digit increases every year as opposed to 25%+ the open market will start receiving 1/1/2016.

It is one thing to ensure single digit increases, it is another to ensure single digit increases and keep the same level of coverage.

 

[skol asylum]

Medical and Pharmacy premiums up $20 a month. Dental down $10 a month. Some maintenance meds like for BP now 100 percent covered no copay. I'm still in regular plan but will look at risky HSA plan. Doubt i'll change though.

 

[matttyl]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

We have always had Gold or Platinum level coverage for employees. When I started the owner paid 100% of healthcare premiums(employee and family) for the best coverage available. It cost about 3K a month for 20 employees. Now it costs 6K a month for 8 employees. Plus he now can't afford to cover family costs and "only" covers 80% of employee premiums. 80% is still a lot for a company our size.

A few things about your post - the terms "gold" or "platinum" didn't really exist in the health insurance industry till 2014. You likely always had the strongest plans, but they likely didn't have those names.

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

I understand gold/plat thing. I pick our plans and take bids when the costs become too high through our broker.

Back then the healthcare costs were so low, it really didn't matter plus nothing was stopping the other twin from knocking someone up and marrying them to be equally compensated. You have to treat every employee the same. We will not compensate you for not using benefits. Not everyone thing is going to be totally equal. How about, put my 401K match in my salary because I don't want a 401k? If an employer was going to compensate you for not using insurance he his dumb. When you get married and have a kid he has to cover them even with the compensation. You going to voluntarily going to cut your own pay? Just something to think about .

I wouldn't voluntarily give up a good deal. I just had my first child. I don't have a group plan option. My wife's company won't pay anything to cover me or the baby, so we don't have coverage there. Even if they offered to pay 20% of it, I'd likely turn it down to keep what I and my son currently have, though.

 

[Chadstroma]

Medical and Pharmacy premiums up $20 a month. Dental down $10 a month. Some maintenance meds like for BP now 100 percent covered no copay. I'm still in regular plan but will look at risky HSA plan. Doubt i'll change though.

One thing that I think a lot of people do not take into account on an HSA is how it can double up as being a retirement account too. I put in enough to make sure I have the min deductable covered along with the company contribution (free money). The last few years between kids being born and a major car accident for me- it has been all wiped out. But with the last kid due in Dec and hopefully no reasons to drain it- I can stash money into the HSA tax free, get the company contribution and build that up for retirement health costs... which at this rate will be wiped out in a year of being retired.

 

[matttyl]

Medical and Pharmacy premiums up $20 a month. Dental down $10 a month. Some maintenance meds like for BP now 100 percent covered no copay. I'm still in regular plan but will look at risky HSA plan. Doubt i'll change though.

One thing that I think a lot of people do not take into account on an HSA is how it can double up as being a retirement account too. I put in enough to make sure I have the min deductable covered along with the company contribution (free money). The last few years between kids being born and a major car accident for me- it has been all wiped out. But with the last kid due in Dec and hopefully no reasons to drain it- I can stash money into the HSA tax free, get the company contribution and build that up for retirement health costs... which at this rate will be wiped out in a year of being retired.

Do you have the ability to invest your HSA money? Mine is simply a checking account at my local bank getting like .1% interest. Also, just use it in retirement to pay for your medicare supplement (assuming Medicare still exists for you when you retire).

 

[Bull Dozier]

Medical and Pharmacy premiums up $20 a month. Dental down $10 a month. Some maintenance meds like for BP now 100 percent covered no copay. I'm still in regular plan but will look at risky HSA plan. Doubt i'll change though.

One thing that I think a lot of people do not take into account on an HSA is how it can double up as being a retirement account too. I put in enough to make sure I have the min deductable covered along with the company contribution (free money). The last few years between kids being born and a major car accident for me- it has been all wiped out. But with the last kid due in Dec and hopefully no reasons to drain it- I can stash money into the HSA tax free, get the company contribution and build that up for retirement health costs... which at this rate will be wiped out in a year of being retired.

Do you have the ability to invest your HSA money? Mine is simply a checking account at my local bank getting like .1% interest. Also, just use it in retirement to pay for your medicare supplement (assuming Medicare still exists for you when you retire).

Yep. There is a minimum requirement to keep as a cash balance, but anything above that amount can be invested in a limited number of funds (not to speak for Chadstroma).

 

[jonessed]

Medical and Pharmacy premiums up $20 a month. Dental down $10 a month. Some maintenance meds like for BP now 100 percent covered no copay. I'm still in regular plan but will look at risky HSA plan. Doubt i'll change though.

One thing that I think a lot of people do not take into account on an HSA is how it can double up as being a retirement account too. I put in enough to make sure I have the min deductable covered along with the company contribution (free money). The last few years between kids being born and a major car accident for me- it has been all wiped out. But with the last kid due in Dec and hopefully no reasons to drain it- I can stash money into the HSA tax free, get the company contribution and build that up for retirement health costs... which at this rate will be wiped out in a year of being retired.

Do you have the ability to invest your HSA money? Mine is simply a checking account at my local bank getting like .1% interest. Also, just use it in retirement to pay for your medicare supplement (assuming Medicare still exists for you when you retire).

Yep. There is a minimum requirement to keep as a cash balance, but anything above that amount can be invested in a limited number of funds (not to speak for Chadstroma).

I have pretty good investment options, but my deductibles are so high the money doesn't sit there for long.

 

[cstu]

A few things about your post - the terms "gold" or "platinum" didn't really exist in the health insurance industry till 2014. You likely always had the strongest plans, but they likely didn't have those names.

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

Something to think about - single payer.

 

[MaxThreshold]

A few things about your post - the terms "gold" or "platinum" didn't really exist in the health insurance industry till 2014. You likely always had the strongest plans, but they likely didn't have those names.

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

Something to think about - single payer.

I gave it some thought and decided no f######g way.

 

[NutterButter]

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

How about if I don't even need the insurance bc I'm using the wife's plan. I just saved my company 10k. How about a little something thrown my way? And I know it doesn't affect my compensation bc I've been on the plan when my wife didn't have as good of a plan in her previous job and everything is the same as it is now.

 

[Chadstroma]

A few things about your post - the terms "gold" or "platinum" didn't really exist in the health insurance industry till 2014. You likely always had the strongest plans, but they likely didn't have those names.

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

Something to think about - single payer.

We just gave the government a shot at 'fixing' healthcare and they f'ed it up more. Why on earth would we want to hand it all over to them?!

Then again, Obamacare was so atrocious that it was obvious to me that it had to be a step towards single payer. "Hey, when this crap doesn't work- they will beg us to fix the fix and we can finally get single payer!" Afterall, Obama and Reid are on record that that is the goal and Obamacare was just a step towards it.

 

[shadrap]

A few things about your post - the terms "gold" or "platinum" didn't really exist in the health insurance industry till 2014. You likely always had the strongest plans, but they likely didn't have those names.

I bolded the two parts about family coverage with your employer. Lets say for a second you hire me and my twin brother and we both do the exact same job for you. I don't have a wife or kids, but my brother has a wife and 4 kids. If you pay for his family's coverage, you're technically paying him more in total income and benefits. I don't like that, it's not fair to me. We do the same job, why are you paying him more? Just something to think about.

Something to think about - single payer.

We just gave the government a shot at 'fixing' healthcare and they f'ed it up more. Why on earth would we want to hand it all over to them?!

Then again, Obamacare was so atrocious that it was obvious to me that it had to be a step towards single payer. "Hey, when this crap doesn't work- they will beg us to fix the fix and we can finally get single payer!" Afterall, Obama and Reid are on record that that is the goal and Obamacare was just a step towards it.

Yep, they will want to fix the thing they f---up. Get rid of it now & start anew. This is going to get much worse. IMO

 

[msommer]

Whenever we have an All-Hands or All-Office meeting with good news, new payout structures, change in benefits it is always the same thing:

This is going to be really good for all of you.

It is always bull####, and never to the benefit of the employee.

With profit growth stagnant and revenue declining for 3 straight quarters, everyone in corporate America can expect their employer to partake in cost cutting measure over the next year or two... But don't worry, it is for your benefit!

Why do you hate having a job?

 

[James Daulton]

Most hospitals aren't raking it in. Most physicians have seen their reimbursement stagnant at best for the last few years. Where are all the huge increases going? Insurance companies, drug companies, and medical device companies. Caregivers get shortchanged while middlemen and manufacturers get rich.

 

[=Smackdown=]

My company is excited to announce that premiums will only increase another 4-7% because of changes that they made in saving $1.8 Million in consolidating insurance companies, further savings in switching pharmacy provider, the actual costs of 2014 were lower than expected so those cost savings have been applied to 2015 and 2016 and finally government healthcare reform fees are less this year.

JOY!!!

Let me do my pickle dance for all the cost savings in healthcare......

In 18 years of handling my companies plan. 7% increase without changing providers is the lowest I have seen. It is usually a double digit increase. We are currently looking at a 28% increase on our current plan.

I can help control one of your largest labor costs (medical) going forward - insuring single digit increases every year as opposed to 25%+ the open market will start receiving 1/1/2016.

It is one thing to ensure single digit increases, it is another to ensure single digit increases and keep the same level of coverage.

Same if not better coverage.

 

[xulf]

We were told our cost were going down and our HSA was going from 1500 to 2000

Whoooo hoooo!!

Our deductible however went from 1500 to 2500 (5000 for family) and no co-pays.

After deductible everything is covered at 70% until you reach your out of pocket max (5k individual and 10k family)

That plan would likely be a "silver" tier on the individual exchange. Count your blessings, you could have a "bronze".

Really? 70%, that is silver... Maybe I'm spoiled.

I'm out of pocket $600 a month pretax and covered 100% in network with no deductible (wife/kids too). I actually think they're going to #### us a little this year as they have mentioned our benefits are going into review. I have a kid coming at the beginning of next year and would be delighted to keep the same plan as any 90/10 or deductible would be swallowed up by a birth.

Yup. Silver plans are built to cover only about 70% of medical costs. Golds are 80, and platinum 90.

Do silver plans cost $406 bi-weekly for a family?

Depends on the ages and size of the family - but I've seen higher. Most of my "families" (parents late 30s to early 40s with a pair of kids) are around $1k or more easily.

InterestingI had never really encountered anyone who paid more than me.

This family plan is $406 (was like 468 last year)

They reduced it but raised the deductible and no co pays.

Opted for the better plan which is $511 but no deductible and $20 copay for doc visits

My wife and I are 34 with two kids under 4. Non smokers. Pay over $1,000 per month for the silver plan.

 

[matttyl]

Most hospitals aren't raking it in. Most physicians have seen their reimbursement stagnant at best for the last few years. Where are all the huge increases going? Insurance companies, drug companies, and medical device companies. Caregivers get shortchanged while middlemen and manufacturers get rich.

Not as much as you'd think. Insurance companies can make at most 15 cents on every dollar they take in from premiums in the large group market, where the majority of Americans have their coverage. They can make at most 20 cents on every premium dollar in the individual market. From that 15 or 20 cents, they have to actually pay all of their employees' salary and benefits, pay the insurance agent something in commission, run their businesses and yada, yada, yada. If they didn't pay back the other 85 or 80 cents in claims, they have to rebate the difference to their policy holders. Now, 15 or 20 cents of ever dollar when we're talking hundreds of millions of dollars is a pretty large sum - but it's not like we're telling any other industries or businesses that they have to keep their overhead and profits under a certain level.

Now with the drug companies, I agree.

 

[Nugget]

Most hospitals aren't raking it in. Most physicians have seen their reimbursement stagnant at best for the last few years. Where are all the huge increases going? Insurance companies, drug companies, and medical device companies. Caregivers get shortchanged while middlemen and manufacturers get rich.

Not as much as you'd think. Insurance companies can make at most 15 cents on every dollar they take in from premiums in the large group market, where the majority of Americans have their coverage. They can make at most 20 cents on every premium dollar in the individual market. From that 15 or 20 cents, they have to actually pay all of their employees' salary and benefits, pay the insurance agent something in commission, run their businesses and yada, yada, yada. If they didn't pay back the other 85 or 80 cents in claims, they have to rebate the difference to their policy holders. Now, 15 or 20 cents of ever dollar when we're talking hundreds of millions of dollars is a pretty large sum - but it's not like we're telling any other industries or businesses that they have to keep their overhead and profits under a certain level. Now with the drug companies, I agree.

I would love to have a trillion dollar business where the margin was guaranteed to be between 15 and 20 percent.

If I need more profit, just have the doctors and hospitals raise their prices - i can pass it on to the consumer and take my cut. It is illegal for you to opt out of the system.

 

[James Daulton]

Most hospitals aren't raking it in. Most physicians have seen their reimbursement stagnant at best for the last few years. Where are all the huge increases going? Insurance companies, drug companies, and medical device companies. Caregivers get shortchanged while middlemen and manufacturers get rich.

Not as much as you'd think. Insurance companies can make at most 15 cents on every dollar they take in from premiums in the large group market, where the majority of Americans have their coverage. They can make at most 20 cents on every premium dollar in the individual market. From that 15 or 20 cents, they have to actually pay all of their employees' salary and benefits, pay the insurance agent something in commission, run their businesses and yada, yada, yada. If they didn't pay back the other 85 or 80 cents in claims, they have to rebate the difference to their policy holders. Now, 15 or 20 cents of ever dollar when we're talking hundreds of millions of dollars is a pretty large sum - but it's not like we're telling any other industries or businesses that they have to keep their overhead and profits under a certain level. Now with the drug companies, I agree.

I would love to have a trillion dollar business where the margin was guaranteed to be between 15 and 20 percent.

If I need more profit, just have the doctors and hospitals raise their prices - i can pass it on to the consumer and take my cut. It is illegal for you to opt out of the system.

Doctors and hospitals can't just raise their prices, they're under contract with the insurance companies and Medicare/Medicaid. And when they can renegotiate, the providers prices certainly aren't going up double digits. Where are all the additional premium dollars going each year? It may be that our aged population that utilize the vast majority of healthcare resources simply grows each year due to boomers aging in and longer life spans. So more dollars are being spent on healthcare even though no company is making a higher margin. My co-worker just told me her 78 year old mother is getting a knee replacement. That would have been unheard of even 10 years ago.

 

[matttyl]

Most hospitals aren't raking it in. Most physicians have seen their reimbursement stagnant at best for the last few years. Where are all the huge increases going? Insurance companies, drug companies, and medical device companies. Caregivers get shortchanged while middlemen and manufacturers get rich.

Not as much as you'd think. Insurance companies can make at most 15 cents on every dollar they take in from premiums in the large group market, where the majority of Americans have their coverage. They can make at most 20 cents on every premium dollar in the individual market. From that 15 or 20 cents, they have to actually pay all of their employees' salary and benefits, pay the insurance agent something in commission, run their businesses and yada, yada, yada. If they didn't pay back the other 85 or 80 cents in claims, they have to rebate the difference to their policy holders. Now, 15 or 20 cents of ever dollar when we're talking hundreds of millions of dollars is a pretty large sum - but it's not like we're telling any other industries or businesses that they have to keep their overhead and profits under a certain level. Now with the drug companies, I agree.

I would love to have a trillion dollar business where the margin was guaranteed to be between 15 and 20 percent.

If I need more profit, just have the doctors and hospitals raise their prices - i can pass it on to the consumer and take my cut. It is illegal for you to opt out of the system.

The margin isn't at all guaranteed. In fact, most carriers in the individual market this past year were paying out about $1.20 for every $1 they took in from premiums. That was just in claims, they still paid their employees and paid commissions to the sales guys. Sure, many compensated those loses with gains from other areas of their business (like large employer), but many didn't have those other areas of their business and went under.

Also, we live in a capitalistic country, correct? If your business is running with a 15% margin, and another company is running with a 10% margin - you're going to lose business.

 

[Quez]

Start hiding employees.