Steven Hockstein Posted February 18, 2014 Report Share Posted February 18, 2014 As a small business owner I am assuming that I am in the same boat as many others on this forum. My health insurance costs have dramatically increased annually for a long time. I am shocked at how much my monthly premiums have increased upon the most recent renewal with the new Federal insurance requirements and how my benefits have decreased. I don't want this to be a political discussion because it will quickly deteriorate into party politics thread. I would just like to take an informal poll and ask if other inspector's health insurance rates have gone up or down with this new law. Quote Link to comment Share on other sites More sharing options...
David Meiland Posted February 18, 2014 Report Share Posted February 18, 2014 Annual increases of 10-15% over the past several years, one of them because I graduated out of the 40-49 bracket, no real impact from ACA that I can see. I have heard stories all over the map, probably more good than bad. Quote Link to comment Share on other sites More sharing options...
kurt Posted February 18, 2014 Report Share Posted February 18, 2014 Same here. I can make my rates go up or down depending on a lot of things. Health insurance has been, and always will be, a haze of confusion. As I get older, rates have gone up a lot. That's due to my being older, and the crazy upward spiral of costs that we read about in the news. Quote Link to comment Share on other sites More sharing options...
Chad Fabry Posted February 18, 2014 Report Share Posted February 18, 2014 My rates are up 34% this year. My deductible went from $500 per person to $2600 per person and I no longer have full well-visit coverage. I'm one of those who could have "kept the plan I had" but it would have doubled my premium. Quote Link to comment Share on other sites More sharing options...
kurt Posted February 18, 2014 Report Share Posted February 18, 2014 I've always been in the high deductible programs; it's the only way I can afford a real policy. I've taken the outlook of feeling lucky I can have insurance that gets me access to real health care. I've visited some hospitals in China; it really makes one understand how incredibly wonderful America is. You do not, repeat, NOT, want to get tangled up in the Chinese health care system. I've got a few stories...... Quote Link to comment Share on other sites More sharing options...
Marc Posted February 18, 2014 Report Share Posted February 18, 2014 When our health insurance payment passed up our mortgage note 14 months ago we slashed benefits and increased the deductible to bring the premium down. With the ACA, we reversed that, even adding benefits we've never had before. The premium is now double what it was just before ACA but 60% of what it was 14 months ago. Not sure we won't change it again next year. Marc Quote Link to comment Share on other sites More sharing options...
John Dirks Jr Posted February 18, 2014 Report Share Posted February 18, 2014 I'm lucky to have a day job in which my employer pays probably 80% of my premium. Having said that, just this year my portion of the premium has increased over 30%. I suppose my employers portion has gone up similarly. That puts my total premium somewhere north of 15k per year. Yikes! Quote Link to comment Share on other sites More sharing options...
John Dirks Jr Posted February 18, 2014 Report Share Posted February 18, 2014 No wait, closer to 20k. Quote Link to comment Share on other sites More sharing options...
Scottpat Posted February 18, 2014 Report Share Posted February 18, 2014 My 17 year old son and myself are on the same policy. We each have a $2500 deductible and I pay $653 per month. When I started this policy five years ago this month I payed $480 it then went to $537 then to $587 and ended up at what I have today for the same coverage. It is with Golden Rule aka United Health Care. I was not forced to change (yet) because I had the policy prior to the passage of what folks are being forced to get now. Quote Link to comment Share on other sites More sharing options...
AHI in AR Posted February 18, 2014 Report Share Posted February 18, 2014 I received notice that I could elect to keep my existing policy thru the end of 2014 or choose the closest ACA compliant one with a corresponding premium increase of exactly 47%. The only "benefit" to choosing the ACA policy would be a decrease of $500 in my annual deductible. Oh yeah...I also got maternity coverage for my 54 year-old male and single self. I was decidedly not impressed. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 18, 2014 Report Share Posted February 18, 2014 My premiums have been increasing at a rate of 18-25% per year since 2006. In 2008 my employer went from paying half the premiums to providing an HRA for my deductible and my share tripled. In 2013 those premiums amounted to 40% of the salary I earned at my day job and that was for a high deductible plan. We spent more on health insurance last year than we did on housing - two mortgages, my escrow, and all utilities. The day job ended November 2, primarily due to increasing health insurance costs. My wife's employer, a company of 7, purchased on the Exchange. They bought a single plan for each employee and allowed my wife to buy one for me with pretax dollars. That is going swimmingly, we were to have coverage 1/1 but to date have nothing from the carrier. The poverty imposed on us by last years health premiums made my kids eligible for a State sponsored plan that covers almost everything for peanuts, $15 a month each. That program is so overwhelmed that they botched my application and actually lost my initial payment. It took 8 weeks to sort out. Truthfully, I only need health insurance for the aneurysm the carriers are going to give me. The proverbial hole in the head. Quote Link to comment Share on other sites More sharing options...
David Meiland Posted February 18, 2014 Report Share Posted February 18, 2014 John, $20k per year for one person, or your whole family? Quote Link to comment Share on other sites More sharing options...
John Dirks Jr Posted February 18, 2014 Report Share Posted February 18, 2014 John, $20k per year for one person, or your whole family? Family. United Healtcare MDIPA via federal employees healthcare benifit plan. My portion is $5148 per year. The general understanding is the employees portion makes up roughly 25% of the total premium. So, the total would be greater than 20k per year. Quote Link to comment Share on other sites More sharing options...
Steven Hockstein Posted February 19, 2014 Author Report Share Posted February 19, 2014 My HSA policy for my family was $894 per month until renewal. Basically, it was a major medical policy and I paid everything up to $2,500 per person and the deductibles up to $5,000 per person (I am a family of 4). Once we hit $5,000 per person or $10,000 for the family, the insurance covered everything. The current plan is an HSA and the premium is now $1,490 per month. The benefits are identical except that the full benefits don't kick in until I hit higher thresholds ($6,250 for an individual or $12,500 for the family). Essentially, unless something really expensive happens, I am self insured for the cost of $17,800 per year for a major medical policy. What a mess! On top of that, I am required to pay extra for a dental health plan for my son even though my good friend is my dentist. There is no way to opt out of the dental plan if you have a kid under 19 years old on your plan! Between my business insurance, health insurance, auto insurance, homeowner's insurance, and life insurance, I feel like I am working to pay for insurance bills. The most expensive cost to me in my life is something that I hope I don't need. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 19, 2014 Report Share Posted February 19, 2014 Who talked you into an HSA? A Health Savings Account is use it or lose it. You fund it through payroll deductions and either spend it on health care or give it to the IRS. If you go HRA, a Health Reimbursement Account, your business funds the account and gets to keep anything left at the end of the coverage period. Funds used for healthcare are operating expenses. HRAs have more stringent restrictions on reimbursable expenses (dental and vision mostly) but if you are more closely aligned with the bottom of the pyramid it might save you some money. Of course, whichever you choose you get to pay an insurance company to administer your money. Quote Link to comment Share on other sites More sharing options...
Marc Posted February 19, 2014 Report Share Posted February 19, 2014 I subscribed to an HSA for years because it was so well lauded but when I did the math it wasn't delivering at all so I cancelled it. Never again. Too many families are fiscally held hostage by the two I's: Insurance and interest. I'd like to get where I pay very little of either by the time I retire. Marc Quote Link to comment Share on other sites More sharing options...
Steven Hockstein Posted February 20, 2014 Author Report Share Posted February 20, 2014 Who talked you into an HSA? A Health Savings Account is use it or lose it. You fund it through payroll deductions and either spend it on health care or give it to the IRS. If you go HRA, a Health Reimbursement Account, your business funds the account and gets to keep anything left at the end of the coverage period. Funds used for healthcare are operating expenses. HRAs have more stringent restrictions on reimbursable expenses (dental and vision mostly) but if you are more closely aligned with the bottom of the pyramid it might save you some money. Of course, whichever you choose you get to pay an insurance company to administer your money. My account is an HSA and I get to keep the money left (hopefully), it grows tax free, and I can use it for future medical expenses until I die. It is part of my estate if I die before I use up the money. It stays with me and my estate. I do not lose it. I think you are misinformed (you can read the rules in IRS form 969). I have a few employees and if I do offer an HRA through my company I will have to pay to manage their HRA accounts. My bank manages my personal HSA for a single start-up fee of $20. I have a Visa HSA card from the Bank. The insurance company already has control of enough of my money. Believe me, I have researched the options and working with my accountant we determined that the HSA is a better option for me. The bottom line is that it is much too costly for insurance. Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted February 20, 2014 Report Share Posted February 20, 2014 My employer was considering converting the HRA into an HSA or FSA to limit their burden last year. I only looked as far as the plans the broker was recommending. They were exactly as I described, set aside my money to spend as they prescribe or lose it all to the tax man. I wasn't aware there was a savings plan like yours. I have been telling my wife for years that health insurance is a bad bet. We endure a hardship every day so that someone else will give us a hard time about paying for the hardship that may never come. Quote Link to comment Share on other sites More sharing options...
Jim Morrison Posted February 20, 2014 Report Share Posted February 20, 2014 I have been telling my wife for years that health insurance is a bad bet. We endure a hardship every day so that someone else will give us a hard time about paying for the hardship that may never come. I'm not so sure. I hate insurance with the heat of 1000 suns and go without it whenever possible. I didn't carry E&O as a home inspector for years until my license required it. But once I had kids, health insurance was no longer optional. Good thing, too. When my son was born 15 years ago, he was very sick. It took months of specialists and a couple of weeklong stays at Mass General Hospital before they figured out what was wrong with him, and two operations to fix him up. He's 100% healthy today, but if I had to pay for all that out of pocket, I'd still be paying for it. Quote Link to comment Share on other sites More sharing options...
Chad Fabry Posted February 20, 2014 Report Share Posted February 20, 2014 He's 100% healthy today, but if I had to pay for all that out of pocket, I'd still be paying for it. You still are. Quote Link to comment Share on other sites More sharing options...
Les Posted February 20, 2014 Report Share Posted February 20, 2014 the insurance cost of doing business (and breathing now in the United States) is affordable for me and maybe it should not be so. This thread showed me yet another aspect of the affordable care act; required dental for kids. I have paid for decades and finally did have to use the product. I always paid for routine stuff and had coverage for the big stuff. never had any big stuff. $1600 per month for me and partner. turned 65yrs old and needed it for the big stuff, but had already been canceled by BC/BS prior to affordable care act - three years prior. now my cost is abt $300 per month for just me and better coverage. how does that make any business sense? I am older. richer, and more likely to be ill. One trip to ER costs $58,000+ for three hours of attention. I paid nothing. There is the problem - what the heck cost $19,000 per hour? I hope the American spirit of problem solving can come up with a workable solution for small business. Thank you to every one for keeping this a civil discourse. Quote Link to comment Share on other sites More sharing options...
mlparham Posted February 20, 2014 Report Share Posted February 20, 2014 An actuary. Quote Link to comment Share on other sites More sharing options...
Marc Posted February 20, 2014 Report Share Posted February 20, 2014 It's not about business, though it should still make sense...and doesn't. Marc Quote Link to comment Share on other sites More sharing options...
Scottpat Posted February 21, 2014 Report Share Posted February 21, 2014 I just received a notice today from my carrier Golden Rule telling me that due to a change by President Obama and since I had coverage prior to 10/1/2013 I can maintain my current coverage without any further changes till September 30, 2015! They go on to say that they want me to stay with them and they Thank me for my business! I feel so special! Quote Link to comment Share on other sites More sharing options...
kurt Posted February 21, 2014 Report Share Posted February 21, 2014 It's frustrating that the insurance and medical industries are so screwed up it took government to come in and require a modicum of humanity in how policies are written (can't be blown out for pre-existing, kids get coverage, etc.), because we all know where government managed anything gets to. I can tell you what Chinese health care is like, and Canadian. It's not so special. We still got the best thing going. Mandated kids dental? Maybe it'll be good for some kids. I honestly don't mind chipping in so some kids can have a dental plan. If Americans believed and behaved like the Christian nation we're supposed to be, then in theory we're doing the right thing. (I hope I didn't just make this a political discussion....) I still think I'm just glad I can afford a policy. The ultimate winner of the birth lottery is anyone born in America. Even with all it's problems. Quote Link to comment Share on other sites More sharing options...
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